DG Innovate and EVage Motors Forge Joint Venture to Electrify Asian Market

DG Innovate (DGI), a pioneering United Kingdom-based research and development (R&D) company specializing in sustainable mobility and energy storage solutions, has announced a groundbreaking joint venture (JV) with EVage Motors, a leading electric truck manufacturer in India. This strategic partnership positions both companies to propel the electric vehicle (EV) industry forward within the Asian market.

EVage CEO Hails Collaboration as Opportunity for India and Expertise

Inderveer Singh, Founder and CEO of EVage Motors, expressed his enthusiasm about the JV, stating, “We are delighted to introduce cutting-edge electric motor technology to India and create valuable new engineering jobs. This collaboration with DGI will enable EVage to produce world-class products that align perfectly with Prime Minister Modi’s vision of ‘Make in India, Make for the World.'” Singh further highlighted his excitement about the involvement of former Tesla leaders like Peter Bardenfleth-Hansen, signifying India’s growing appeal within the EV sector.

Joint Venture to Accelerate Manufacturing and Efficiency

The JV will empower DGI to establish a more efficient and cost-effective high-precision manufacturing operation within India. This strategic move will significantly bolster their market share within the crucial Asian market. EVage Motors’ customers will gain access to DGI’s world-renowned electric motor technology, boasting an impressive 98.5% efficiency rating. The JV will further strengthen EVage’s position as a vertically integrated company by solidifying their proprietary EV technology stack.

Targeting Asian Market with Enhanced Electric Trucks

The agreement outlines a collaborative effort to manufacture DGI’s innovative Pareta electric drive system within a facility located in Punjab, India. By joining forces, both companies aim to revolutionize the Asian EV market by offering electric trucks with superior efficiency. These advancements translate to extended lifespans and reduced ownership costs for fleet operators, with a projected average range increase of 5% to 7% on a single charge.

Ownership Structure and Investment

DGI will hold a 60% stake in the JV, while EVage Motors will retain a 40% ownership interest. As per the official statement, both parties will contribute financially to the project.

DGI CEO Emphasizes Importance of Asian Market and Expertise

“The Asian market represents a critical growth engine for the EV industry,” commented Peter Bardenfleth-Hansen, CEO of DGI. “India, in particular, offers a leading manufacturing platform that will allow us to deploy our products swiftly and at competitive costs.”

Industry Expertise Bolstered by Former Tesla Leaders

DGI brings to the table the extensive industry expertise of its team, comprised of former Tesla managers and engineers. This formidable group is further amplified by the recent appointment of Pierre Pellerey as a consultant to the company. Pellerey boasts over 15 years of experience in motor design, having played a pivotal role in the development of iconic electric vehicles like the Tesla Model 3, Model Y, Model S Plaid, and Dyson’s flagship V10 motor. His contributions have directly influenced the production of over 3 million electric vehicles to date. DGI CEO Bardenfleth-Hansen enthusiastically welcomed Pellerey’s involvement, highlighting how his expertise will significantly enhance the JV’s prospects.

Manufacturing the World’s Most Efficient Motor

By leveraging EVage’s Modular Miniature Manufacturing (Mcube) micro-factory, DGI and EVage will join forces to manufacture the world’s most efficient electric motor. Notably, this micro-factory already supports India’s first native commercial EV platform, currently producing over one electric truck per day, with a total production exceeding 300 vehicles to date. These trucks are utilized by leading FMCG, e-commerce, and logistics companies throughout India, with prominent clients including Amazon.