In addition to ensuring a more environmentally friendly production process, the project aims to reduce the risk arising from dependence on limited and unreliable sources.
Sona Comstar (Sona Comstar eDrive Private Limited), a wholly owned subsidiary of Sona BLW Precision Forgings Limited, today announced its collaboration with Israeli IRP Nexus Group Ltd to develop, manufacture and supply a magnetless drive motor and controller (“System”) for performance two-wheelers and three-wheelers for the world market. The agreement was signed on September 30, 2021 at the initiative of the International Center for Entrepreneurship and Technology (iCreate), India’s incubation center for technology companies.
Under the agreement, IRP will license its technology to Sona Comstar to manufacture the system exclusively in India for the world market. The system provides a motor-plus-controller combination that does not use rare earths such as neodymium and offers manufacturers of electric two- and three-wheelers high efficiency and low costs.
In addition to ensuring a more environmentally friendly production process, the project aims to reduce the risk arising from dependence on limited and unreliable sources.
As part of the agreement, Sona Comstar pays a one-time license fee and license fees to IRP Nexus during the term of the contract. The contract period is seven years. Sona Comstar will have exclusive rights to manufacture the system in India and non-exclusive rights to sell and distribute the system worldwide.
Also read: Coal Ministry urges Coal India to invest in electric vehicles and charging stations
The electric vehicle industry is likely to benefit from lower production costs and will be isolated from supply chain disruptions from the rare earth minerals required for electric motors today. Sona Comstar is confident that this new innovative technology will have far-reaching environmental impacts and potential in addition to reducing the cost of electric vehicles, said Sunjay Kapur, chairman of Sona Comstar.
This agreement will bring a new kind of technology never seen before in electric two- and three-wheelers, making them much more affordable. Electric vehicles are the future of mobility and we at Sona Comstar are doing our best to make the technology sustainable, affordable and environmentally friendly, said Vivek Vikram Singh, Managing Director and Group CEO.
Get live stock quotes from BSE, NSE, US market and the latest NAV, mutual fund portfolio, read the latest IPO news, best performing IPOs, calculate your taxes with the income tax calculator, know the top winners , Top losers and best equity funds in the market. Like us on Facebook and follow us on Twitter.
