DG Innovate (DGI), R&D company developing solutions in sustainable mobility and energy storage, entered into an MoU to establish a transformative joint venture with EVage Motors, which it said is the fastest-growing electric truck company in India.
DGI will partner with EVage to manufacture its proprietary Pareta electric drive system in Punjab, India. Together, the companies said they will target the Asian EV market, offering far more efficient electric trucks, resulting in longer life and a reduced cost of ownership for fleet owners, with an average range increase of 5%-7% on the same charge.
The JV is expected to be 60% owned by DGI and 40% by EVage, with both parties investing into the project in a show of confidence in the Indian market.
The planned JV will allow DGI to pursue a faster, lower-cost route to high-precision manufacturing in India, materially growing its market share in the critical Asian market and giving EVage Motors’ customers access to the one of the world’s most-efficient electric motors at 98.5% efficiency, according to DGI. The JV will also strengthen EVage’s proprietary EV stack as a vertically integrated company.
DGI said it will contribute the significant industry expertise of its team of former Tesla managers and engineers, bolstered by the recent appointment of Pierre Pellerey as a consultant to the Company. He brings over 15 years of experience in motor design: his work has been key to the development of the Tesla Model 3, Model Y, and Model S Plaid, as well as Dyson’s flagship V10 motor, according to DGI. Pierre’s motor designs power over 3 million electric vehicles to date, and his contribution will be key to driving the JV forward, DGI added.
DGI and EVage will leverage EVage’s Modular Miniature Manufacturing (Mcube) micro factory, which already supports India’s first native commercial EV platform. The factory currently produces over one electric truck a day, for a total of more than 300 to date. Those trucks are servicing top FMCG, e-commerce and logistics companies throughout India, with top clients including Amazon, according to EVage.
