Board of Sona BLW Precision Forgings approves joint development project with Israel's IRP Nexus Group

At meeting held on 14 July 2021

The Board of Sona BLW Precision Forgings at its meeting held on 14 July 2021 approved a terms sheet executed between Sona Comstar and Israel's IRP Nexus Group, a leading provider of cutting-edge electric powertrain solutions for e-mobility, to collaborate to conceive, design, prototype and manufacture high efficiency, low-cost, Magnet-less Drive Motor and Matching Controller (System) for electric two-wheelers and three wheelers, for the global market.

The Project was conceived and initiated by iCreate (International Centre for Entrepreneurship and Technology), an initiative of Gujarat Foundation of Entrepreneurial Excellence, India. The Project was inspired by the Prime Minister's vision of Atmanirbhar Bharat. The Company has also entered into a memorandum of understanding with iCreate, which was also approved by the Board in the above said meeting.

The Key highlights of this joint development project are as follows:

- The electric powertrain project envisages an innovative motor-plus-controller combination that does not use rare earth elements like neodymium, besides offering high efficiency and low cost to manufacturers of electric two- and three wheelers.

- Apart from ensuring a more environmentally friendly production process, the Project is expected to mitigate the risk stemming from dependency on limited and unreliable sources.

- Under the agreement, IRP will license its technology to Sona Comstar for manufacturing of the System exclusively in India, expecting to start mass production in 2023.

- Sona Comstar will pay to IRP one time license fees and royalty during the term of the definitive documents.

Powered by Capital Market - Live News