Gurgaon, 16th May 2023: Sona BLW Precision Forgings Ltd ("Sona Comstar"), a leading global automotive technology company, has signed a technology licensing agreement with Equipmake, a UK-based technology company that has developed high-performance electric powertrains. Equipmake's patented technology offers high power density and efficiency with high performance, making it ideal for electric cars, buses, and commercial vehicles. Under the agreement, Equipmake will license certain patented spoke motor and inverter technology in the power range of 100kW to 440 kW to Sona Comstar to manufacture and sell EV Powertrains, sub-systems, and components for electric cars, buses, commercial vehicles and off-road vehicles.
Sona Comstar will lead the business development and customer sales in India, Thailand and select South Asian countries, while Equipmake will lead the sales in the rest of the world. Sona Comstar will exclusively manufacture EV Powertrains, sub-systems, and components, based on Equipmake's patented technology, for the target applications exclusively in India and other select markets. Sona Comstar will also manufacture and sell EV Powertrains, sub-systems, and components for the target applications to Equipmake and its global customers in other overseas markets. The companies expect the serial production of these systems to commence in 2025.
Equipmake has over 20 years of experience developing and integrating industry-leading electrification products for the provision of electric vehicle drivetrains to meet the needs of the automotive, aerospace and other sectors in support of the transition from fossil-fuelled to zero emission vehicles. Equipmake specialises in ultra-high performance electric motors, complete EV drivetrains and ultra-fast power electronic systems.CRISIL expects the demand for electric passenger vehicles in India to increase to 25% in FY32, up from less than 1% in FY22, led by the commercial segment (fleet) due to favourable economics. In absolute numbers, it estimates the electric car market in India to grow from 30k units in FY22 to 1.6 mn in FY32. CRISIL has projected the penetration of electric buses in India to increase to 11% in FY27 and 21% in FY32, up from 5% in FY22, driven by improving unit economics, government push at state transport undertakings (STU) and ESG concerns. STU will initially drive electric bus penetration, followed by school and staff bus segments. In absolute numbers, CRISIL estimates the electric buses market in India to grow from ~1.6k units in FY22 to over 27k in FY32.
Commenting on the partnership Mr Sat Mohan Gupta, CEO of Motor Business at Sona Comstar, said, "We are delighted to partner with Equipmake to bring their cutting-edge motors and inverters technologies to India. With Equipmake's advanced technology and Sona Comstar's manufacturing and sales capabilities, we aim to offer our customers high-performance, efficient, cost-effective electrified drivetrain solutions. This is yet another step towards our commitment to offering innovative solutions to drive faster adoption of electric mobility in India and globally."
Mr Ian Foley, CEO, Equipmake, commented, " We are excited to partner with Sona Comstar to deliver our technology to these significant markets including India. Our spoke motors and inverters have already been widely recognized for their impressive power and torque density, and we are confident that they will play a significant role in driving the growth of the electric vehicle market in India."