• ANEVOLVE aims for a turnover of at least ₹3,500-crore (US$ 423 million) within the next five years
• Announces three new cleantech partnerships with Japanese, Israeli, and British firms as part of the ANEVOLVE launch
• ANEVOLVE aims to invest ₹1,000 crore (US$ 120 million) in the short term as part of the Singhs’ commitment to a greener future
NEW DELHI, January 12, 2023: Anjali and Jaisal Singh, Chairman and Vice Chairman respectively of ANAND, India’s leading auto component and systems Group, announced on Thursday their new cleantech platform ‘ANEVOLVE’ to create, design, and manufacture green technology solutions for electric mobility, as well as for other sectors.
All the Group’s new cleantech companies would come under ANEVOLVE, complementing the US$ 1.9-billion conglomerate, founded in 1961, which boasts the publicly listed Gabriel India Limited (GABR.NS) as its flagship company.
At ANEVOLVE’s launch at the Auto Expo in New Delhi, Mr. Jaisal Singh, Executive Chairman of ANEVOLVE, announced three partnerships with sustainable solution providers from Japan, Israel, and Britain. He also stated that the Group’s first EV-focused company, ANAND Mando eMobility (AMeM), a joint venture with HL Mando of Korea that manufactures motors for two, three, and four wheelers and controllers for two and three wheelers, will also form part of ANEVOLVE.
“The birth of ANEVOLVE is a significant step forward in our commitment to help build a greener, cleaner planet by bringing a sharper focus and renewed vigour to our strategic growth plans in this space,” Mr. Singh said at the launch.
“We are proud to contribute to India Inc.’s move to clean mobility and look to invest around over ₹1,000 crore in ANEVOLVE to develop solutions for greener products and systems across a broad business landscape. This will be the core of what we do,” Mr. Singh, Chair of the family enterprise’s Strategic Growth Council, told a news conference.
ANEVOLVE expects at least ₹3,500 crore in revenues by FY28 and will need to hire about 2,500 people by then. It will operate from the National Capital Region and house an innovation hub, a design centre for advanced technologies, as well as manufacturing facilities in other parts of India. AMeM already has a cutting-edge manufacturing facility in Bhiwadi, Rajasthan.
As it builds its platform, ANEVOLVE has signed an MoU with an Israeli start-up, ZOOZ, to initially supply the Tel Aviv-based company critical precision machined parts for mechanical Energy Storage Systems for EV infrastructure in international markets, especially the United States and Europe.
“We are excited to join forces with ANEVOLVE. For ZOOZ, this strategic collaboration aims to develop a low-cost supply chain for our ground-breaking sustainable products, with emphasis on flywheel production,” said Boaz Weizer, CEO of ZOOZ Power, which is listed on the Tel Aviv Stock Exchange.
“This tie-up also aims to introduce our technology and products to India’s hugely expanding EV charging infrastructure,” Weizer added.
ANEVOLVE has also signed an MoU with Japanese sustainable energy solution provider Headspring Inc. to set up an engineering centre in India to conceptualise, design, and develop advanced power electronic solutions for future clean mobility applications, in areas such as powertrains for EVs, convertors, and chargers.
“Signing this MoU is a great occasion,” Osamu Hoshino, CEO of Headspring, said.
“We believe that, by combining Headspring’s radical future-oriented, cutting-edge technologies in power electronics technology with ANEVOLVE’s world-class production and distribution capabilities, we can greatly accelerate the crucial transition to Advanced Efficient Electric Mobility through SiC/GaN technology.”
ANEVOLVE has also signed a third MoU with technology start-up Viritech Ltd. from Britain to explore providing integrated system solutions for deploying hydrogen fuel cell-based powertrains for clean mobility applications.
“We are delighted to sign this MoU. We could not wish for a better partner for the Indian, ASEAN, and SAARC markets,” Mr. Timothy Lyons, CEO of Viritech, said.
“We believe that, by combining Viritech’s radical hydrogen powertrain technology with ANEVOLVE’S world-class production and distribution capabilities, we can greatly accelerate the vitally important transition to Zero Emission goods vehicles.”
As ANEVOLVE develops its cleantech solutions, products, and applications for sustainable mobility, it is looking at more collaborations in the coming months.
“The entire business eco-system will have to shift to more sustainable products, systems, and operations. We, through ANEVOVLE, intend to be a catalyst in India’s journey towards clean mobility,” said Sunil Kaul, President & Chief Technology Officer, ANAND.