Company:Evage

From HandWiki
EVage Ventures
IndustryElectric Vehicles
Founded2014; 10 years ago (2014)
Founder
  • Inderveer Singh
  • Pulkit Srivastava (co-founder)
  • Harnoor Kaur (co-founder)
HeadquartersChandigarh
ProductsFR8
Websiteevage.in

Evage, stylised as EVage, is an Indian electric vehicle automaker and automotive technology company based in Chandigarh, India.[1][2]

History

Evage ventures was incorporated in 2014 by its founder and CEO Inderveer Singh. Evage has combined the logistics designing process with aerospace engineering to rethink and change the transportation industry.[3][4] This has led to the creation of innovative products like a modular skateboard, which can be used to build different types of vehicles such as SUVs, vans, delivery and public transport vehicles and an exoskeleton covered with space-grade composite material that is both light and strong.[5] Over the last eight years, the business has filed for twenty patents.[6]

In January 2022, Evage Ventures raised $28 million from RedBlue Capital, a venture capital firm based in the US, to fund the completion of its production-ready factory in Chandigarh, Punjab, and plans to start operations in the financial year 2022-23 and scale its production capacity.[7][8]

In October 2022, Evage partnered with Toshiba India to supply rechargeable lithium-ion cells for battery packs for EVage’s electric vans.[9][10][11][12] This is the first time lithium titanium oxide (LTO) cells have been used in commercial delivery vans, allowing it to build the first million-mile battery with ultra stable chemistry that can be charged within 20 minutes.[13][14]

Evage’s vehicles are manufactured in ‘Modular Miniature Manufacturing’ factories that are smaller and need less capital than traditional factories. Evage predicts that delivery companies across the globe will shift to cleaner mobility.[15][16]

Product

FR8 is Evage's first electric vehicle, a one-tonne truck made for the commercial delivery vehicle market. The vehicle was initially developed under the codename Model.X and was later renamed FR8. It is an electric four-wheeler truck deployed on Indian roads by e-commerce and delivery companies such as Amazon and Delhivery.[17] The product’s first prototype was built in 2019, and since then has been tested for over five lakh kilometers within three years. FR8 was established after research into mid and last-mile delivery in FMCG, e-commerce, and logistics.[18]

References

  1. ↑ "evage: Latest News & Videos, Photos about evage | The Economic Times - Page 1" (in en). https://economictimes.indiatimes.com/topic/evage. Retrieved 29 November 2022. 
  2. ↑ "EVage to Supply EV Trucks to Amazon India; Raises $28 Million From US-Based Venture Capital Firm" (in en). 18 January 2022. https://www.news18.com/news/auto/evage-to-supply-ev-trucks-to-amazon-india-raises-28-million-from-us-based-venture-capital-firm-4666955.html. Retrieved 29 November 2022. 
  3. ↑ "EVage Stock Price, Funding, Valuation, Revenue & Financial Statements". https://www.cbinsights.com/company/evage/financials. Retrieved 29 November 2022. 
  4. ↑ Wangchuk, Rinchen Norbu (10 February 2022). "Raising $28 Million, This EV Startup Is Set to 'Electrify' Amazon Delivery". https://www.thebetterindia.com/275804/evage-electric-truck-startup-model-point-x-launch-amazon-delivery/. Retrieved 29 November 2022. 
  5. ↑ "EV startup EVage raises $28 million from RedBlue Capital, others". https://economictimes.indiatimes.com/tech/funding/electric-vehicle-startup-evage-raises-28-million-from-redblue-capital/articleshow/88891512.cms. Retrieved 29 November 2022. 
  6. ↑ Bellan, Rebecca (14 January 2022). "EVage raises $28M to be a driving force in India's commercial EV revolution". https://techcrunch.com/2022/01/13/evage-raises-28m-to-be-a-driving-force-in-indias-commercial-ev-revolution/. Retrieved 29 November 2022. 
  7. ↑ "Toshiba India to supply batteries for EVage's electric vans". https://economictimes.indiatimes.com/industry/renewables/toshiba-india-to-supply-batteries-for-evages-electric-vans/articleshow/94781019.cms. Retrieved 29 November 2022. 
  8. ↑ Mohile, Shally Seth (18 April 2022). "EVage eyes a first mover advantage with launch of one-tonne e-delivery van" (in en). https://www.business-standard.com/article/companies/evage-eyes-a-first-mover-advantage-with-launch-of-one-tonne-e-delivery-van-122041800887_1.html. Retrieved 29 November 2022. 
  9. ↑ "Toshiba to supply rechargeable lithium-ion cells to EVage Automotive". https://economictimes.indiatimes.com/industry/renewables/toshiba-to-supply-rechargeable-lithium-ion-cells-to-evage-automotive/articleshow/94790489.cms. Retrieved 29 November 2022. 
  10. ↑ "Toshiba India to supply batteries for EVage's electric vans" (in en). 11 October 2022. https://www.reuters.com/technology/toshiba-india-supply-batteries-evages-electric-vans-2022-10-11/. Retrieved 29 November 2022. 
  11. ↑ "Toshiba India to supply SCiB li-ion cells for EVage's first batch of 10,000 e-CVs" (in en). https://www.financialexpress.com/express-mobility/toshiba-india-to-supply-scib-li-ion-cells-for-evages-first-batch-of-10000-e-cvs/2706791/. Retrieved 29 November 2022. 
  12. ↑ "Toshiba India and EVage sign strategic agreement to super charge India's electric commercial vehicles". https://toshiba-india.com/pr-toshiba-india-and-EVage-sign-strategic-agreement-to-super-charge-Indias-electric-commercial-vehicles.aspx. Retrieved 29 November 2022. 
  13. ↑ "We are the first to deploy lithium titanium oxide cells into commercial delivery vans: Inderveer Singh, EVage - ET EnergyWorld" (in en). https://energy.economictimes.indiatimes.com/news/power/we-are-the-first-to-deploy-lithium-titanium-oxide-lto-cells-into-commercial-delivery-vans-inderveer-singh-evage/95444554. Retrieved 29 November 2022. 
  14. ↑ "Toshiba India to supply rechargeable batteries for EVage's electric vans" (in en). 11 October 2022. https://www.business-standard.com/article/technology/toshiba-india-to-supply-rechargeable-batteries-for-evage-s-electric-vans-122101100550_1.html. Retrieved 29 November 2022. 
  15. ↑ Sarkar, Snehadri (19 January 2022). "Indian EV Startup EVage Raises $28 Million, Set To Provide Electric Trucks For Amazon" (in en). https://thelogicalindian.com/trending/indian-ev-startup-evage-raises-28-million-set-to-provide-electric-trucks-for-amazon-33368. Retrieved 29 November 2022. 
  16. ↑ "Commercial vehicle policy can be EVs tipping point". https://economictimes.indiatimes.com/small-biz/sme-sector/commercial-vehicle-policy-can-be-evs-tipping-point/articleshow/93534138.cms. Retrieved 29 November 2022. 
  17. ↑ "Climate smart agriculture is the way forward to a sustainable future, says Cropin" (in en). 11 November 2022. https://www.cnbctv18.com/videos/environment/climate-smart-agriculture-is-the-way-forward-to-a-sustainable-future-says-cropin-15149921.htm. Retrieved 29 November 2022. 
  18. ↑ Mukherjee, Sharmistha. "Electric commercial vehicle maker EVage raises $28 million from RedBlue Capital". https://economictimes.indiatimes.com/industry/renewables/electric-commercial-vehicle-maker-evage-raises-28-million-from-redblue-capital/articleshow/88891522.cms. Retrieved 29 November 2022. 
Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Evage&oldid=2463979"