AnEVolve, which will help create, design and develop green technology solutions for electric mobility as well as other sectors, is targeting revenues of Rs 3,500 crore by FY2028; inks three cleantech partnerships with Japanese, Israeli and British firms.
12 Jan 2023 | 6803 Views | By Autocar Professional Bureau
Automotive component and systems majoir Anand Group today launched a new cleantech platform ‘ANEVOLVE’ to help create, design, and manufacture green technology solutions for electric mobility as well as for other sectors. The launch was conducted by Anjali and Jaisal Singh, chairman and vice-chairman respectively of Anand Group,
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Automotive component and systems majoir Anand Group today launched a new cleantech platform ‘ANEVOLVE’ to help create, design, and manufacture green technology solutions for electric mobility as well as for other sectors. The launch was conducted by Anjali and Jaisal Singh, chairman and vice-chairman respectively of Anand Group,
All the Group's new cleantech companies would come under ANEVOLVE, complementing the US$ 1.9-billion (Rs 15,000 crore) conglomerate founded in 1961, which has Gabriel India as its flagship company.
Launching the new platform at Auto Expo 2023 – Components Show in New Delhi, Jaisal Singh, executive chairman of ANEVOLVE, announced three partnerships with sustainable solution providers from Japan, Israel, and Britain. He also stated that the Group’s first EV-focused company, Anand Mando eMobility (AMeM), a joint venture with HL Mando of Korea that manufactures motors for two-, three- and four-wheelers and controllers for two- and three-wheelers, will also form part of ANEVOLVE.
“The birth of ANEVOLVE is a significant step forward in our commitment to help build a greener, cleaner planet by bringing a sharper focus and renewed vigour to our strategic growth plans in this space. We are proud to contribute to India Inc’s move to clean mobility and look to invest around over Rs 1,000 crore in ANEVOLVE to develop solutions for greener products and systems across a broad business landscape. This will be the core of what we do,” said Singh, Chair of the family enterprise's Strategic Growth Council.
ANEVOLVE is targeting at least Rs 3,500 crore in revenues by FY2028 and will need to hire about 2,500 people by then. It will operate from the National Capital Region and house an innovation hub, a design centre for advanced technologies as well as manufacturing facilities in other parts of India. AMeM already has a cutting-edge manufacturing facility in Bhiwadi, Rajasthan.
Three MoUs with greentech firms
As it builds its platform, ANEVOLVE has signed an MoU with an Israeli start-up, ZOOZ, to initially supply the Tel Aviv-based company critical precision machined parts for mechanical energy storage systems for EV infrastructure in international markets, especially the US and Europe.
“We are excited to join forces with ANEVOLVE. For ZOOZ, this strategic collaboration aims to develop a low-cost supply chain for our ground-breaking sustainable products, with emphasis on flywheel production,” said Boaz Weizer, CEO of ZOOZ Power, which is listed on the Tel Aviv Stock Exchange. “This tie-up also aims to introduce our technology and products to India’s hugely expanding EV charging infrastructure,” Weizer added.
ANEVOLVE has also signed an MoU with Japanese sustainable energy solution provider Headspring Inc to set up an engineering centre in India to conceptualise, design, and develop advanced power electronic solutions for future clean mobility applications, in areas such as powertrains for EVs, convertors, and chargers.
“We believe that, by combining Headspring’s radical future-oriented, cutting-edge technologies in power electronics technology with ANEVOLVE’s world-class production and distribution capabilities, we can greatly accelerate the crucial transition to Advanced Efficient Electric Mobility through SiC/GaN technology,” said Osamu Hoshino, CEO of Headspring.
ANEVOLVE has also signed a third MoU with technology start-up Viritech from Britain to explore providing integrated system solutions for deploying hydrogen fuel cell-based powertrains for clean mobility applications. “We are delighted to sign this MoU. We could not wish for a better partner for the Indian, ASEAN, and SAARC markets,” said Timothy Lyons, CEO of Viritech. He added, “We believe that, by combining Viritech’s radical hydrogen powertrain technology with ANEVOLVE’S world-class production and distribution capabilities, we can greatly accelerate the vitally important transition to Zero Emission goods vehicles.”
As ANEVOLVE develops its cleantech solutions, products, and applications for sustainable mobility, it is looking at more collaborations in the coming months.
“The entire business eco-system will have to shift to more sustainable products, systems, and operations. We, through ANEVOVLE, intend to be a catalyst in India’s journey towards clean mobility,” said Sunil Kaul, President and Chief Technology Officer, Anand Group.