Auto components major Bharat Forge Ltd said it has picked up a strategic stake in UK-based Tevva Motors, a provider of electric powertrain solutions for commercial vehicles, for 10 million pounds (Rs 90.30 crore).
By virtue of this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its research and development activities in the e-mobility space, the company said in a regulatory filing.
Tevva provides electric powertrain solutions for commercial vehicles (CV) and buses in the 7.5-14 tonne weight category.
"This is soon to be extended for the development of new CVs, especially trucks and buses," it added.
These vehicles actively and autonomously manage the use of range extender by utilising Tevva's patented software, Predictive Range Extender Management System (PREMS), to ensure only electric drive is used in low carbon zones and other city centers, the company said.
Bharat Forge Chairman and Managing Director Baba Kalyani said, "This will also bring very focused and state-of-the-art electric vehicle (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 CV EV space, he added. Tevva Motors founder and CEO Asher Bennett said having Bharat Forge as a strategic partner will help the company accelerate 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 added.
Bharat Forge has been working on its R&D and technology strategy in the EV space over the last few years. This is Bharat Forge's third major initiative in the EV space. The company has recently started 'Engineering and Development Centre at MIRA, UK. It has also invested in Tork Motorcycles Pvt Ltd, an electric drivetrain company, mainly focused on electric two-wheelers and/or premium electric motorcycles) The company said it aims to create a range of products to complement the requirements of OEMs, thereby growing its revenue per vehicle.
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