Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has signed a memorandum of understanding with ePropelled (USA), the Massachusetts-based technology company that offers leading-edge electric propulsion systems.
Based on the agreement, the two companies will jointly develop eAxle products based on ePropelled's patented Dynamic Torque Switching™ (eDTS) technology that increases power efficiency by at least 15%, allowing manufacturers to reduce the size and cost of their battery packs. In addition, eDTS provides high torque at low speeds without drawing high current from the batteries as well as high speeds at low torque levels without using field weakening. This unique combination results in a highly scalable design that can be used in a variety of vehicles ranging from light EVs-such as scooters and three-wheelers-to cars, light trucks, and large trucks.
According to research from IDTechEX, India's EV market will be worth $35 billion in 2041 as the country of more than 1.3 billion people looks to electrify transportation with an emphasis on motorbikes and micro-mobility. The electric three-wheeler market in India is seeing significant growth with typical sales of 140,000 per year, which is a rising percentage of the total three-wheeler segment. The combination of ePropelled (USA) and RKFL will provide Indian manufacturers with a more innovative propulsion system that maximizes power efficiency while delivering the performance and distance requirements expected by consumers.
"As large markets like India look to increase EV adoption to reduce pollution and increase energy efficiency, the EV market has been restricted for too long by inefficient motors and the size and cost of batteries," said Naresh Jalan, Managing Director at RKFL. "By collaborating with ePropelled (USA), we can create a compelling, next-generation propulsion system for manufacturers to provide them with varied options when selling motorbikes, three-wheelers, and light four-wheelers in the Indian market."
Based on preliminary input from automotive manufacturers, ePropelled (USA) and RKFL have developed product specifications for motors, controllers, and software for propulsion systems up to 15kW for the motorbike, three-wheeler, and light four-wheeler markets.
"RKFL is an established Tier 1 international automotive supplier in India that understands the huge market potential for manufacturers offering more efficient EV mobility options in the country," said Nick Grewal, president and CEO of ePropelled (USA). "This agreement validates our patented technology for the automotive market and also showcases our strategy as a technology company to collaborate with manufacturing partners on product development, manufacturing, marketing, and sales to accelerate EV adoption across vehicle segments and regions."
Shares of Ramkrishna Forgings Limited was last trading in BSE at Rs. 1015.90 as compared to the previous close of Rs. 1041.35. The total number of shares traded during the day was 19997 in over 1754 trades.
The stock hit an intraday high of Rs. 1050.20 and intraday low of 1001.00. The net turnover during the day was Rs. 20342925.00.