FPT Industrial announces acquisition of minority stake in Blue Energy Motors
Published on : Friday 30-09-2022
FPT Industrial enters the Indian on-road market bringing more than 25 years of natural gas engine know-how.
September 29, 2022 – The common path towards decarbonisation and the aim to play a key role in the energy transition continues for FPT Industrial and Blue Energy Motors. FPT Industrial, the global powertrain brand of Iveco Group, announces that it has entered into an agreement to make a minority investment in Blue Energy Commercial Vehicles Private Ltd, a zero-emission truck technology company headquartered in Pune, India, engaged in the manufacturing of clean energy trucks under the brand Blue Energy Motors. The closing is subject to conditions precedent.
This follows the agreement communicated during the Beyond event in Turin this July, and the official launch of the first Blue Energy Motors assembly plant of the first Liquefied Natural Gas (LNG)-fuelled trucks in Chakan, Pune, India, at the beginning of September.
The investment further demonstrates the full support of FPT Industrial to the growth of Blue Energy Motors in its ambitious plan to play a key role in India’s decarbonisation transition. Although currently focused on Natural Gas fuel applications, the collaboration also foresees the support and joint development of future projects in the area of electrification.
FPT Industrial enters the Indian on-road market bringing more than 25 years of natural gas engine know-how and leveraging its vast experience in this sector.
“It is a great honour for us to serve Blue Energy Motors with our N67 NG supply engine agreement,” declared Sylvain Blaise, President Powertrain Business Unit, Iveco Group. “And at the same time enlarge the scope of our partnership confirming our commitment as technology providers to fully exploit our capability in alternative propulsions.”
Anirudh Bhuwalka, CEO Blue Energy Motors, stated: “Strengthening our partnership with FPT Industrial will enable us to continue in the development of the company and to pioneer new powertrain solutions together to embrace the energy transition path – the common goal of both companies.”