Bounce, deep-tech startup Chara partners for indigenous EV motors production
Urban mobility solutions company Bounce has announced that it has partnered with deep-tech start-up Chara for the production of electric motors for its fleet of electric vehicles (EVs), locally.
Under the collaboration, Chara, who has developed motor technology that is rare-earth magnet-free, hyper-efficient, easier, and cost-effective to build, will design and manufacture customized motors based on its innovative motor and drive technologies for Bounce, the company said in an announcement.
"This development is part of Bounce's strategy to develop its owned fleet of EVs positioned for its mobility solutions," it added.
With the localization of the core component of the EV, Bounce will save a considerable amount on imports, the company said.
At present, motors and related controllers used in EVs are majorly imported.
Bounce co-founder Vivekananda H R expressed, "We are excited to partner with Chara to source locally produced rare-earth magnet-free electric motors, which will go a long way in maintaining cost efficiencies while making India independent of the global supply of rare-earth materials."
The company claimed that Chara's motors are made with more than 100 percent locally sourced, sustainable raw materials, which can reduce their cost by up to 40 percent.
Chara founder and CEO Bhaktha Keshavachar stated the partnership with Bounce is a testament to its ability to partner with innovative companies that are striving towards a common goal of a more sustainable future.
"It is necessary to capitalize in deep-tech to build technologies that can help us move towards sustainability in the long term and also help us as a country to play a more significant role in the electric transformation than to just remain as consumers," Keshavachar added.
The motors, custom-designed by Chara for Bounce, will be locally manufactured and deployed in Bounce's fleet at the beginning of next year, the statement said.