Auto component company, Flash has collaborated with Slovenia-based Gem Motors for electric vehicle motor technology.
Pune-based Flash had earlier partnered with a Polish company and a French company for EV-related products.
The partnerships were expected to strengthen its offerings for the EV industry and enable the company to have a global manufacturing footprint.
The partnership with Gem Motors would be for EV segments in the range of 1 kW to 15 kW for hub motors. ,
Gem specializes in high-tech electric motors for electric vehicles.
Under this new partnership, both brands will manufacture hub motors for various EV segments. Sanjeev Vasdev, managing director, Flash, said they would be manufacturing Gem motors in India for the domestic as well as global markets.
Flash is setting up two new plants and is evaluating sites in Maharashtra or Tamil Nadu for these plants. Flash has six manufacturing plants across India at Chakan and in Germany and Hungary.
The company is planning to raise funds from PE companies to part-fund the Rs 300 crore expansion and was in talks with investors.
The company had in an earlier round raised Rs 125 crore. With the expansion of the EV-related portfolio, Vasdev expected the company to double its turnover in two years.
The company’s turnover in FY22 was Rs 1,200 crore with around 23% of revenues coming from exports.
Flash would be among the first companies to have electric vehicle motors from 1 kW to 540 kW range across two and three-wheelers, passenger cars, LCVs, and HCVs including electric buses, Vasdev said.
Flash has been supplying to two and three-wheeler OEM brands across the country and with the EV foray has expanded into the passenger car, LCV and electric bus segment. Their products include traction motors, controllers, DC-DC converters, brushless DC motors, vehicle-specific charging boxes, battery management systems and other allied products.
The transfer of technology and access to newer markets would also lead to major cost savings for the EV OEMs where costs would play an important role when government subsidies end, Vasdev said.
With Gem’s integrated controllers using modular multiphase motor technology, Flash would be able to provide motors with the customization and faster turnaround time. They would also get access to Gem’s 20 global motors patents and enable them to become a global manufacturing hub.