MM Forgings acquires strategic stake in EV Powertrain startup Abhinava Rizel

As part of its transformation strategy to become a leading player in the growing electric vehicle (EV) segment, MM Forgings (MMF) has made an investment to secure an 88% equity shareholding in Abhinava Rizel on a fully diluted basis. Further, MMF will provide the necessary financing to establish the manufacturing facility and other product development initiatives. On an aggregate basis, MMF expects to invest Rs.200 crores (~US$25mn) in this initiative. More importantly, MMF's involvement will also provide significant technical and managerial expertise to accelerate Abhinava Rizel in its growth path.

The founders of Abhinava Rizel, BVN Madhu, Karthik Donthula and Shivam Bhatia (alumni of SRM Institute of Science and Technology), have been jointly developing EV motor and powertrain technologies since 2017. As a result of the team's work, Abhinava Rizel has 8 patents filed and an additional 10 patents under filing in respect of EV motor and powertrain technologies.

Abhinava Rizel's motors are based on proprietary hybrid topology radial flux architecture between SynRM (Synchronous Reluctance Motors) and PMSM (Permanent Magnet Synchronous Motors), combining the best of both technologies. Together with this combined capability, and well-developed thermal management techniques, thermal efficiencies achieved are around 25% higher over conventional traction motors. This enables significantly reduced use of magnets, copper, aluminum, steel, etc., with zero compromises in performance.

Abhinava Rizel has multiple patented innovations whose incorporation in design yields around 15% improved overall drive cycle efficiency over conventional traction motors. This means that a typical EV user can travel 15% more distance on every charge, or EV OEMs can use around 15% smaller battery pack for a given range, making EVs affordable to a wider market. Abhinava Rizel is also developing gearboxes and innovative controllers using Gallium Nitride (GaN) and Silicon Carbide (SiC) technologies to soon provide integrated (3-in-1) Controller+Motor+Gearbox solutions to their customers across all segments of automotive and off-highway spaces.

Abhinava Rizel is currently partnering with automotive manufacturers in India and the investment by MMF will be utilized to establish its initial manufacturing facility in Oragadam, Tamil Nadu. More importantly, MMF's significant technical and managerial expertise will launch Abhinava Rizel in its path of accelerated growth.

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