eROCKIT in multi-million euro partnership with Motovolt
Indian electromobility company Motovolt Mobility Pvt Ltd. has acquired a stake in eROCKIT AG of Germany - investing € 1m as the first step towards a capital increase. The investment is intended to "strengthen product development and production of the two-wheeler manufacturer's designs at its site near Berlin".
In addition to this commitment, Motovolt is planning further investments of close to € 10m in India for industrialisation of eROCKIT products. "Part of product strategies, Motovolt's commitment strengthens the production of premium eROCKIT models in Germany and opens up access to India, the world's largest mobility market".
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 and we are open to further investors."
Tushar Choudhary, CEO Motovolt, said: "eROCKIT is a great mobility concept that impresses with innovation and quality across the board. Together we will lead the eROCKIT brand to global success. Motovolt intends to redefine motorcycles as a category in India to significantly enhance the user experience by using the eROCKIT next generation technology platform and its German engineering."
In the global booming electromobility market, the eROCKIT "is an extraordinary vehicle (light motorcycle/L3e/125 cc category), which differs fundamentally from other vehicles thanks to its innovative e-pedal drive. The eROCKIT is intuitive, combining the experience of a performance motorcycle and an e-bike for a unique rider experience". This is said to be made possible by human hybrid technology.
eROCKIT AG is a joint-stock company holding 100% of the shares in eROCKIT Systems GmbH in Hennigsdorf near Berlin. The unique pedal-controlled electric motorcycle eROCKIT is built there. "The eROCKIT Group team consists of first-class two-wheeler and automotive experts and a strong management. Richard Gaul, business consultant and formerly head of communications at BMW, is member of the supervisory board of eROCKIT AG".
Motovolt was founded in Kolkata in 2018 by Tushar Choudhary and his family and is one of the leading electric mobility companies in India - making sustainable, multi-utility, micro-mobility e-bikes and e-scooters for urban commuters.
Motovolt says it plans to invest around € 40m more in its e-mobility business, citing India as one of the largest and fastest growing two-wheeler markets in the world. By 2030, the Indian government is aiming for a 30% share of electric vehicles.
