Bharat Forge, the flagship company of the Kalyani Group, today announced that it has bought a strategic stake of 10 million pounds (Rs 98 crore) in the UK-based Tevva Motors (Jersey), an electric vehicle company.
Tevva provides electric powertrain solutions for commercial vehicles and buses in the 7.5- to 14-tonnage weight category, with this being soon extended for development of new CVs, especially trucks and buses. These vehicles will actively and autonomously manage the use of the range extender by utilising Tevva’s ground-breaking, patented software, the Predictive Range Extender Management System (PREMS), which ensures only electric drive is used in low carbon zones and other city centres.
Tevva’s 7.5-tonne Extended Range Electric Vehicle (EREV) and full-electric EV are based on the DAF LF or Isuzu N75 chassis. It can be equipped with a dry box, temperature controlled or flatbed body and has a range of 160km overall, with range extender and a payload of up to 3,800kg.
Bharat Forge states it has been working on its R&D and technology strategy in the EV space over the past few years. And this announcement is its 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.
Bharat Forge to licence Tevva tech in India
As part 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. The company 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, and the current CEO, just over 4 years ago, with a cornerstone investment from the Angel Co-Fund (part of the British Business Bank). The company currently operates in the UK.
Asher 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 commercial vehicles.
Edward Hyams, chairman of Tevva, welcomed the investment from Bharat Forge and expressed that this new funding will enable the company to scale up its 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 MD, Bharat Forge, 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 two-wheeler and the commercial vehicle EV space.”
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