DG Innovate PLC - Bingley, England-based developer of sustainable mobility and energy storage technology - Signs joint venture agreement with EVage Automotive Pvt Ltd, an electric vehicle maker in India, to manufacture a range of DG Innovate’s Pareta e-drives. The final agreement follows a memorandum of understanding signed back in March. The JV will be called Pareta India. It will be 60% owned by DG Innovate and 40% by EVage.
DG Innovate will license its technology to the JV, while EVage will lease to the JV premises in Chandigarh, Punjab. DG Innovate will receive a license fee for each electric motor sold to EVage or third-party customers in India. The JV also will sell electric motors to DG Innovate for sale into the international market.
The partners are aiming to produce about 100,000 units over the first four years across three initial ranges of Pareta motor. Of these, EVage has committed to take about 32,500 units. ‘I haven’t been this excited about a product launch since my days at Tesla [Inc],’ says DG Innovate Chief Executive Officer Peter Bardenfleth-Hansen.
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