New Delhi:E-bike startup EMotorad has acquired Panine, an EV fast-charging network at an undisclosed amount, the company said on Monday.
With this acquisition, EMotorad will allow Panine to offer an international platform and reach for its battery technology. It will also strengthen the charging network provider and allow it to expand its reach while improving EMotorad’s own battery technology capabilities, the company said in a media release.
The battery technology has been developed after extensive research and understanding the challenges that the Indian conditions pose to battery life in EVs, the release added.
Kunal Gupta, CEO and co-founder, EMotorad, said, “The coming together of the two is a meeting place of ethics and values and offers the kind of industry impact that we wanted to bring across. Panine has mastered the data co-ordinated hardware space which is critical to battery technology and shall operate as a brand under the EMotorad umbrella while also helping develop our battery technology.”
Panine’s Ultra-Fast Charging Battery Tech is based on an infra-light model which makes it easier to integrate the technology with the vehicles so that it adds value to the end consumer. The company has also built an associated AI engine-driven platform, Romosa, that works on battery life estimation, preventive maintenance, performance enhancement, etc.
“Panin’s infra-light platform is built with machine learning algorithms and AI, which is the ultimate deciding factor in understanding battery performance. Our work in the area of data coordinated hardware has led to the creation of India’s first EV fast-charging network,” Sachin Kumar, CEO and the incoming head of technology, Panine, said.
Following the acquisition EMotorad will create multiple products or form factors. The present range of e-bikes includes the EMX, T-Rex, Glyder, Xplorer, Dolphin, Doodle, Trible, and Ener-G. Bootstrapped in 2020, the company has established its niche in the Indian market along with its foray into the UAE, Nepal, and Japan. It also plans to enter the US market with its products soon.
According to the media release, Panine’s core stability will remain intact with Sachin Kumar as EO and co-founder while Nitesh Pandey remains co-founder and COO. However, following the acquisition, Sachin Kumar takes over as Head of Technology, Nitesh Pandey as Vice President for Sales, and Ramya Sharma as the Head of Software Engineering and AI Platforms.