Truck maker Blue Energy Motors on Wednesday said FPT Industrial, a part of the Iveco Group, will acquire a minority stake in it for an undisclosed sum. The two firms have entered into a strategic tie-up, under which they will work closely on future technology deployments in the areas of electrification of heavy-duty trucks apart from their ongoing association, focusing on natural gas fuel applications, Blue Energy Motors said in a statement.
“As part of the agreement, FPT is set to acquire a minority stake in the company,” it added.
The Pune-based firm had recently launched its heavy-duty LNG truck with FPT Industrial providing its LNG engines.
“Strengthening our partnership with FPT Industrial will enable us to continue in the development of the company and to pioneer clean energy solutions, including LNG and electric in the upcoming year,” Blue Energy Motors CEO Anirudh Bhuwalka said.
“This development in our partnership is further evidence of FPT Industrial’s commitment to advancing innovative technologies for sustainable mobility,” Iveco Group Powertrain Business Unit President Sylvain Blaise said.