EVAge, an OEM supplying electric vehicle (EV) trucks to delivery fleets, has received $28 from capital firm RedBlue Capital to complete its production-ready factory outside of Delhi.
EVAge is to manufacture vehicles in 'modular micro manufacturing' factories, starting with Model X, a one-tonne truck designed for the commercial delivery vehicle market.
RedBlue Capital general partner Prescott Watson says: "EVage's vehicle platform and fabrication approach is something totally new and much needed to accelerate electrification in low cost markets. The founders took a completely clean-sheet approach to get a truck that meets the needs of delivery fleets across India at a cost basis that beats internal combustion.”
RedBlue Capital general partner Olaf Sakkers says: "India is a market with booming EV demand especially in the commercial vehicle segment, but there is a severe supply shortage. EVage fills this exact gap.”
EVAge founder Inderveer Singh says: "We welcome RedBlue Capital in our mission to supercharge EV adoption in India, with its consequent social, environmental and economic benefits.”
