India’s auto component giant Bharat Forge has made a strategic investment of $13.5 million (£10 million) or about Rs.90 crores in Tevva Motors, a British and Israeli electric truck company incorporated and registered under the Companies (Jersey) Law 1991 carrying out its operations from Chelmsford, UK.
As part of this investment, Bharat Forge has also acquired a license for commercialization of the Tevva technology within India for strengthening its Research and Development activities in the e-mobility space.
Founded in 2012 by Asher Bennett, a former submarine officer in the Israeli Navy, Tevva provides electric power-train solutions for Commercial Vehicles & buses in the 7.5-14 T weight category. This is soon to be extended for the development of new Commercial Vehicles, especially trucks and buses.
The investment in Tevva will help Bharat Forge to move at the forefront in the fast-growing Electric Vehicle market to identify technology trends and co-develop solutions for electric mobility in India and abroad.
Baba Kalyani, Chairman and Managing Director, Bharat Forge Limited, commenting on the investment said, “This will also bring very focused and state-of-the-art EV powertrain solutions to our customers in India and worldwide. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain better understanding of the 2-wheeler and the Commercial Vehicle EV space.”
It must be recalled that, besides Tevva, in February Bharat Forge made another strategic investment of about Rs 300 million to acquire 45% stake in Pune-based electric vehicle startup TORK Motors.
Bharat Forge has been working on its R & D and technology strategy in the Electric Vehicle space over the last few years. This is Bharat Forge’s 3rd major initiative in the EV space, and comes shortly after the start of the ‘Engineering and Development Centre’ at MIRA, UK and the investment in Tork Motorcycles Pvt. Ltd., India. Tork Motorcycles mainly focused on electric two wheelers and/or premium electric motor cycles.
Via – ET Auto