Bharat Forge takes a strategic stake in EV firm Tevva Motors
12 Jun 2018
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Bharat Forge has made a strategic investment of £10 million in Tevva Motors (Jersey), a UK-based company that provides electric powertrain solutions for Commercial Vehicles (CV) and buses in the 7.5 to 14 tonne weight category.
By virtue of this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its R&D activities in the e-mobility space.
The investment helps position Bharat Forge at the forefront in the fast-growing EV market to identify technology trends and co-develop solutions for electric mobility in India and abroad.
Bharat Forge aims to create a range of products to complement the requirements of original equipment manufacturers, thereby growing its revenue per vehicle, Bharat Forge said in a statement.
Tevva was founded by Asher Bennett, CEO, with a cornerstone investment from the Angel Co Fund (part of the British Business Bank). The company operates in the UK at present.
“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,” said Baba Kalyani, Chairman and Managing Director, Bharat Forge.
“Having Bharat Forge as our strategic partner will help us accelerate our growth initiatives. Moreover, Tevva’s vehicles and solutions would be more than welcome in any country which is still at a preliminary stage in building the necessary infrastructure for electrification of commercial vehicles,” Bennett said.
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 third 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 (an electric drivetrain company, mainly focused on electric two-wheelers and/or premium electric motor cycles).
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