The company plans to achieve a gross manufacturing value of USD 25 million in FY2024.
Electronics design expert Virtual Forest has been awarded a USD 4 million grant from GITA (Global Innovation and Technology Alliance) which is part of the India-Israel Industrial R&D and Technological Innovation Fund (I4F) to develop ASIL-certified EV motor controllers for 3W light electric vehicles e-rickshaws for the global market.
India-Israel Industrial R&D and Technological Innovation Fund (I4F) is a cooperation platform between the Department of Science and Technology (DST), the Government of India, and the Israel Innovation Authority (IIA) and set up with the aim to promote, facilitate and support joint industrial R&D projects between companies from India and Israel.
Omer Basith, CEO & Co-founder, of Virtual Forest sharing further information said we have been awarded the maximum applicable grant amount, which is a real testimonial of our technical and project capability.
"It is our endeavor to work towards Indian self-reliance in the EV domain by creating a local design and manufacturing base for critical subsystem components like EV motor controllers. This will strengthen the national participation in critical climate action priorities like decarbonization and the increased adoption of green technology”, Basith further added.
Virtual Forest plans to achieve a gross manufacturing value of USD 25 million in FY2024. The company is supplying energy-efficient motor controllers to some of the large Indian OEM manufacturers.
Ola clocks 2 lakh unit sales in FY23; consolidates market share to over 30%
Ola Electric concludes FY23 securing the top spot with 2 lakh vehicles sold during the financial year.
ExxonMobil investing around Rs 900 crore to build lubricant manufacturing plant in India
The new plant is expected to produce 159,000 kiloliters of finished lubricants per year to help meet demand growth in In...
Spinny launches IPL campaign Go Far
The films will be released during the IPL 2023, scheduled to take place from today to 28 May 2023. The campaign is about...