Ex-Tesla execs' DG Innovate partners with EVage for more efficient e-trucks, manufacturing
The joint venture will be 60% owned by UK-based DG Innovate and the rest by EVage, a leading e-truck company in India.
EV solutions company DG Innovate, founded by ex-Tesla executives, and e-truck startup Motors have inked a partnership in India to target the Asian EV market.
Under the agreement, UK-based DG Innovate will partner with EVage to manufacture its proprietary Pareta electric drive system and use its solutions to help create more efficient electric trucks that will reduce the cost of ownership for fleet owners.
DG Innovate is an R&D company that creates solutions for sustainable mobility and energy storage. It has 18 patents worldwide.
The companies estimate that DG Innovate's technologies will increase the range of EVage's trucks by 5-7% on a single charge. DG Innovate will also use EVage facilities to manufacture faster and cheaper as it services the Asian EV market.
"Asia is a critical market for the EV industry, and India in particular benefits from a leading manufacturing platform that will allow us to deploy our products at top speed and competitive costs," said Peter Bardenfleth-Hansen, CEO of DG Innovate.
Bardenfleth-Hansen worked at Tesla for nearly three years, departing as the company's director for EMEA business development in 2019. DG Innovate also named Pierre Pellerey, who was crucial to the development of the Tesla Model 3, Model Y, and Model S Plaid, as a consultant.
"Together with DGI, EVage will produce world-class products aligned with PM Modi’s vision of make in India, make for the world," said Inderveer Singh, Founder and CEO of EVage.
The two companies said they will also manufacture "the world's most efficient motor" using EVage micro-factory.
DG Innovate will hold 60% of the shareholding of the new joint venture while EVage will own the rest.
Edited by Kanishk Singh