Bharat Forge Ltd., a Pune
based global leader in metal forging, has announced a strategic investment of
UK Pounds 10 million (Rs 90.30 crore approx.) in Tevva Motors (Jersey) Limited,
a company incorporated and registered under the Companies (Jersey) Law 1991
carrying out its operations from Chelmsford, UK.
Tevva provides electric
powertrain solutions for commercial vehicles and 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.
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 (an electric drivetrain company, mainly focused on
electric two wheelers and/or premium electric motor cycles).
The Tevva commercial vehicles
actively and autonomously manage the use of the range extender by utilising
Tevva’s ground-breaking, patented software, Predictive Range Extender
Management System (PREMS), to ensure only electric drive is used in low carbon
zones and other city centers.
Bharat Forge has been working
on its R & D and technology strategy in the electric vehicle space over the
last few years. 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 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 OEMs, thereby growing its revenue per vehicle.
Tevva was founded by Asher
Bennett, CEO, just over four years ago, with a cornerstone investment from the
Angel Co Fund (part of the British Business Bank). The company operates in the
UK at present. Bennett said “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
Edward Hyams, Chairman of
Tevva, welcomed the investment from Bharat Forge and expressed that this new
funding will enable Tevva to scale up their operations in the UK and get more
electric trucks onto Britain’s roads helping to meet the needs of zero emission
zones in cities such as London and Leeds.
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.”
Source: Bharat Forge
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