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Thats the reason we have tesla exec,s he is busy firing them as sales have gone south from asian/chinese government incentives to dominate ev sales the same way they have bought up the mineral ores in africa,and stockpile lithium as the biggest miner/refiners in the world, and as for mcap we should be 30m or more,but as someones wife didnt know what she was doing ,,selling millions of shares ,,,our sp has tumbled from 0.2 p with tie ups/jv,s and parenta drive manufacturing all sown up in the last 4 months., good to see evage has a contract with amazon im sure mr .bezos will want cleaner more efficient ev,s useing parenta and or sodium as a extra green selling point,cant see drones catching on in india just yet,too many people moving about for the drone to land and deliver without it going missing... im sure we will rerate a lot higher when sales figures are published and expected production numbers are known. tuk tuks are ok for local journeys,but the bus/single decker coach still rules for longer journeys,and all of the school children going to bigger towns for education is a no brainer to change the dirty diesel over to electric, there are 2.2 million bus,s registered in 2003 and a plan for 10k e bus,s over the next 2 years starting 2024,so thats another 2,190,00 0 to go,mr singh needs to step up production at evage the indian gov wants to be co neutral by 2070,our potential just in india is massive as its one of if not the worlds fastest growing economys.
People may have the ingenuity and an excellent product as EVage. Selling them is different. In fairness, even the big brands have fired out staff because of poor sales. It happens that DGI fills up what's lacking in them and the other way around too. Perfect match.
Great time to be in and if not dont delay long imho
ATB
I’m in awe of EVage, ‘EVage last raised $28 Mn in seed funding from RedBlue Capital in 2022 to complete its production ready factory.’ This reinforces their kudos and their reputation.
And yes, how on earth is the market cap a little above 10m?!
DGI = right place right time, right team .
Wont be under 1p end of year imho
Fair point, looking forward to seeing how this unfolds in the coming weeks, under the radar atm
Staylong. It might be my first posting but I will decide if it is my last. I will take no instructions from an ignoramus.
My pleasure.
Would have meant 1-300 kw
Yes i saw that but come on. Anyone with half a brain can see that it’s a typo or editor mistake.
To be fair stay long, on the outside looking in, the 1 - 3kw detail was mentioned in your part 2 post at 1317
Not sure where you get your 1-3 kw from.
The pareta drive trains for hgv’s and busses are 400kw.
Serious question. I don’t think so.
Your first post for DGI Hopefully your last
I won’t be wasting any more of my time answering questions of an cretin
Serious question, if the Pareta Motors range from 1kw to 3kw are the buses produced by Dinky Toys? Motors of that power range no matter how efficient will not power a normal commercial bus.
£7 billion is being granted. The plan to change all buses to electric in all the big city’s in India.
A retrofit using DGI/ EVage’s Pareta drive trains could be the most cost effective way of achieving this.
I ask the question. How on earth is DGI’s market cap just above 10m ? Am I missing something here ?
StayLong
£7 billion is being granted. The plan to change all buses to electric in all the big city’s in India.
A retrofit using DGI/ EVage’s Pareta drive trains could be the most cost effective way of achieving this.
I ask the question. How on earth is DGI’s market cap just above 10m ? Am I missing something here ?
StayLong
@staylong, I think I read an article regarding India’s new all electric buses, can’t remember the details, but huge amounts of government cash going in to achieve this, wonder where they’ll get their motors?
Thank you Punter for clearing that up 👍
The new scheme will be in place till the end of July this year.
Further, Indian authorities are also working to establish a task force to create a roadmap for the electric vehicle (EV) industry.
StayLong
Part 2.
DGI’s Bardenfleth-Hansen told Inc42 that the JV will not only allow the UK-based company to penetrate the growing Indian market but also establish its global manufacturing base in India.
Bardenfleth-Hansen said that the company will be looking to export motors produced via the JV to other countries in Asia as well as Europe. He said that the current central regime’s bid to promote EV adoption in India prompted the company to enter the growing market.
2024
“The EV adoption in India is growing at a significant pace. In my observations of EV adoptions in other countries, B2C segments have traditionally driven EV adoptions. But, in India, the push is coming more from the B2B segment as the country is extremely fleet driven. The country also benefits from a leading manufacturing platform which will allow us to deploy our products at top speed and competitive costs,” he said.
EVage last raised $28 Mn in seed funding from RedBlue Capital in 2022 to complete its production ready factory.
With the in-house motor manufacturing capabilities resulting from the JV, Singh envisions vertical integration of the company’s EV stack.
“We are aiming to leverage this tech for various platforms that will need electrification. We intend to increase the pace of EV transmission by making homegrown core tech components ready to be deployed in the EV marketplace via the JV,” cofounder Singh added.
DGI’s flagship Pareta motor is a compact, cost-effective e-drive that the company claims to enable up to 30% more range as compared to conventional motors, with 98.5% efficiency across the entire drive cycle. The factory will be developing three variants of the motor in the range of 1 kW to 3 kW which can be deployed in buses, trucks to smaller sized vehicles. The companies are eyeing to start manufacturing within a year.
Bardenfleth-Hansen joined the EV drivetrain manufacturer in 2023 after spending a decade working for Tesla in its business development function. DGI is an advanced research and development company focused on electric mobility and storage with a focus on sustainability and environmental considerations.
DGI has roped Pierre Pellerey as a consultant for its India business along with a team of former Tesla managers and engineers. Pellerey brings over 15 years of experience in motor design: his work has been key to the development of the Tesla Model 3, Model Y, and Model S Plaid, as well as Dyson’s flagship V10 motor.
The JV announcement comes at a time when the Indian EV ecosystem continues to make big strides. For instance, registrations of electric two-wheelers in the country crossed the 1 Lakh mark for the first time in a month in March.
This comes on the back of Centre’s push to promote EV adoption in the country. The union government recently launched an INR 500 Cr scheme, the Electric Mobility Promotion Scheme 2024, to promote electric mobility from April 1. The new scheme will be in place till the
Another article about the partnership with EVage.
Former Tesla Exec-Led DGI Forms JV With EVage To Build Electric Motors In India
SUMMARY
The JV will be 60% owned by DGI and 40% by EVage and will see both parties invest respective to their ownership in the entity
The partnership will see the JV set up a manufacturing plant in Chandigarh to produce DGI's proprietary Pareta electric drive system
DGI's Bardenfleth-Hansen told Inc42 that the JV will allow the company to penetrate the growing Indian market and establish its global manufacturing base in the country
UK-based electric drivetrain systems manufacturer DG Innovate (DGI) has entered the Indian market via a joint venture (JV) with electric commercial vehicle startup EVage Motors. DGI is led by former Tesla director Peter Bardenfleth-Hansen.
The JV will be 60% owned by DGI and 40% by EVage and will see both parties invest respective to their ownership in the entity. In a conversation with Inc42, EVage’s founder and CEO Inderveer Singh said that the partnership will see the two companies set up a manufacturing plant in Chandigarh to produce DGI’s proprietary Pareta electric drive system.
While DGI will facilitate the manufacturing process with designing and manufacturing expertise, EVage will give the JV an Indian access to penetrate the Indian market. The first batch of motors produced at the plant will be utilised by EVage’s vehicles and further produce will be sold to external customers,” he said.
EVage, which was founded by Singh in 2014, supplies all-electric commercial vehicles to the delivery fleets of Indian logistics companies. It claims to support India’s first native commercial EV platform via its Modular Miniature Manufacturing (Mcube) factory in Chandigarh.
The factory currently produces one electric truck a day and has manufactured a total of more than 300 to date. Those trucks are servicing top FMCG, ecommerce and logistics companies throughout India, with top clients including Amazon, the startup said. Harnoor Kaur and Pulkit Srivastava also joined the company as cofounders later in 2017 and 2019, respectively.
More to follow
No. Scratch, That is not what it means. It only means that they received more buy orders from potential subscribers, both old and new, than shares available.
Scratch
It would largely depend on the prototypes we could be expecting anytime soon as a result of the China project. Or hoping also in an accelerated timescale as a result of Pierre's appointment products from EVage partnership.
When they say ‘over subscribed’ does that mean that several different companies wanted to get in on this and Dgi chose DNB ASA? If so it makes you wonder about the other potential quality companies waiting in the wings!
Who would not want an electric car these times when it's the new thing around? As long as it doesn't have lithium batteries I'd feel safe with them. The Norway fundraise was oversubscribed, it could mean they might come for more from the old shares.
This side of the sea is big on Green i would think more deals would come there way pretty soon
The DNB investment would have done major DD even to board level
Surprised wete not well over .2 on this alone.