LONDON, UK: DG Innovate (LSE: DGI), a leader in sustainable mobility and energy storage R&D, has announced a Memorandum of Understanding with EVage Automotive Pvt. Ltd., an Indian electric vehicle company. The MoU outlines the formation of a joint venture to produce DG Innovate’s Pareta® e-drives in Chandigarh, India.
The proposed joint venture, 60% owned by DG Innovate and 40% by EVage, aims to cater to EVage’s electric vehicle drive needs and supply both Indian and international markets. DG Innovate anticipates revenue from its stake and license fees per Pareta® unit sold.
The collaboration is in the final stages of documentation, with manufacturing expected to commence within the next year. EVage, known for its zero-emission electric vans and proprietary technologies, continues to contribute to India’s sustainable transportation ecosystem.
Commenting, Inderveer Singh, Founder and CEO of EVage said: “We are excited to bring best in class motor technology to the Indian mobility sector. EVage Motors has been a pioneer for the last ten years in the electric mobility sector and has created an EV stack for high precision manufacturing of electric vehicles. The JV will help us make the EV stack even more robust and create a clear differentiation for our customers. Our customers can expect a long lasting and proven motor technology to run our vehicles over multiple shifts in a single day.”
Commenting, Peter Bardenfleth-Hansen, CEO of DG Innovate, said: “I am delighted that we have entered into this MoU with EVage. EVage are a leading Indian electric vehicle manufacturer and are the perfect partner for DG Innovate to establish a large-scale manufacturing operation for our Pareta® e-drives at an expected modest cost. The proposed JV does not conflict with any of our existing collaborations and trading relationships, but is intended to provide an ideal quick route to market at scale for our technology.
“We are all focussed on concluding the JV arrangements as soon as possible and I look forward to providing further updates in due course.”