Sona Comstar, a global automotive component manufacturer, has announced a collaboration with and Israel’s IRP Systems, a provider of electric powertrain solutions for e-mobility. The two have come together with iCreate (International Centre for Entrepreneurship and Technology), for a joint development project that will invent a new powertrain, manufacture it and market it globally. The project entails the design, prototype and manufacturing of a high-efficiency, low-cost, magnet-less powertrain (motor + controller) for electric two- and three-wheelers, for the global market.
The Indian manufacturer states that the new powertrain will give both it and IRP Systems a global competitive advantage, and targets substituting imports worth Rs 1,300 crore ($ 200 million), and capturing an export market many times this size.
iCreate’s ‘iEV Powertrain’ project is about creating 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.
While there are several motor manufacturers in India, they still need to import the magnets. Additionally, the fast-growing global EV market is looking to diversify supply chains and mitigate risk stemming from dependency on limited and unreliable sources.
Apart from needing to be imported, rare earth elements represent a significant environmental impact in their mining process and health risks in their use during the magnet production process. This project gives a strong push to climate change and the Paris Accord. A strong business case has thus emerged for developing alternative suppliers of EV components as well as alternatives to rare earth enriched magnets.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.