Mumbai; June 12, 2018
Bharat Forge Limited (BFL), the Pune-based global leader in metal forming serving industries such as automotive, power, oil & gas, construction & mining, rail, marine and aerospace, has made strategic investment of £ 10 million (about Rs 90 crore) in the UK-based Tevva Motors (Jersey) Ltd, which makes electric powertrain solutions for commercial vehicles (CV) & buses in the 7.5 -14 T weight category.
Tevva Motors aims to use its technology in 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 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 (EV) space over the last few years. This is Bharat Forge’s 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 Pvt Ltd, India (an electric drivetrain company, mainly focused on electric two wheelers and/or premium electric motor cycles).
By virtue 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. 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 4 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 commercial vehicles.”
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, commented, “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.”