Motovolt Acquires Stake In German's E2W OEM eROCKIT
The initial investment of one million Euros is aimed at strengthening the product development and production of eROCKIT’s premium models. The deal is also a push towards the Indo-German trade and collaboration in the EV sector
Motovolt an emobility Indian startup on Friday acquires a stake in a German electric two-wheeler OEM, eROCKIT AG.
This marks Motovolt’s first step towards expanding its footprint globally for the sales and distribution of its electric mobility solutions. The initial investment of one million Euros is aimed at strengthening the product development and production of eROCKIT’s premium models at their manufacturing site in Berlin, Germany. The deal is also a push towards Indo-German trade and collaboration in the EV sector.
The Indian EV market is growing rapidly and over a million vehicles across all categories were sold last year. As a pioneer in the sector, Motovolt’s emphasis has been on plugging the affordable micro-mobility segment in the country. Through this strategic alliance, Motovolt also aims to leverage eROCKIT’s tech stack to enhance the entire range of Motovolt products. Motovolt aims to invest around 10 million Euros for industrialisation of eROCKIT products.
Speaking about this, Tushar Choudhary, Founder and CEO, Motovolt, said, “The deal with eROCKIT is going to make a major impact on the Indian markets and transform the 2-wheeler segment. Our aim is to benefit from eROCKIT’s know-how to develop relevant product solutions for Indian consumers. This alliance is a major accomplishment in our journey towards building a strong and reliable international brand with very high growth potential.”
Adding further, Andreas Zurwehme, Chairman eROCKIT AG said, "I am pleased to have Motovolt as a strong shareholder in the company. The investment accelerates eROCKIT's expansion plans as a vehicle manufacturer and technology provider. It's a strong signal for our shareholders. We are open to further investors."