New Delhi, May 8 (IANS): DG Innovate, a UK-based advanced research and development company led by former executives of Tesla, on Wednesday announced its entry in India through a joint venture (JV) with the electric truck firm EVage Motors.

The JV will allow DG Innovate to tap into the strategic Asian market and significantly accelerate the commercialisation of its proprietary Pareta electric drive system.

"Asia is a critical market for the EV industry, and India, in particular, benefits from a leading manufacturing platform that will allow us to deploy our products at top speed and competitive costs," DG Innovate CEO Peter Bardenfleth-Hansen said in a statement.

DG Innovate will partner with EVage to manufacture its Pareta electric drive system in Punjab as part of the agreement.

Moreover, the company said that together, the companies will target the Asian EV market, offering far more efficient electric trucks, resulting in longer life and a reduced cost of ownership for fleet owners, with an average range increase of 5-7 per cent on the same charge.

The JV will be 60 per cent owned by DG Innovate and the remaining (40 per cent) by EVage, with both parties investing in the project in a show of confidence in the Indian market, it added.

"Together with DG Innovate, EVage will produce world-class products aligned with Prime Minister Modi's vision of Make in India, Make for the World," said Inderveer Singh, EVage Founder and CEO.