Bharat Forge Takes A Strategic Stake In Electric Vehicle Company, Tevva Motors
Bharat Forge Limited (Bharat Forge) announced a strategic investment of £ 10 million in Tevva Motors (Jersey) Limited (“Tevva”), 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 & 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.
These 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 the only electric drive is used in low carbon zones and other city centres.
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 (an electric drivetrain company, mainly focused on electric two-wheelers and/or premium electric motorcycles).
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.