EVR Motors, a Varana Capital Portfolio Company, Announces the Appointment of Former Jaguar Land Rover Executive to Board of Directors and a Number of Key Commercial Partnerships

DENVER, June 29, 2023 /PRNewswire/ -- Varana Capital, an asset management platform providing clients with access to venture capital, private equity, and public markets, is proud to announce significant developments within portfolio company EVR Motors. EVR is making waves in the electric vehicle industry with its revolutionary motor technology and the recent board appointment of former JLR executive Nick Rogers. This strategic combination, along with notable commercial agreements, is poised to drive remarkable growth and market expansion for the company.

Board Appointment of Nick Rogers:
Nick Rogers, renowned for his exceptional career in the automotive industry, brings invaluable expertise and a track record of success in product engineering and development. As a board member and executive director of Product Engineering and R&D at JLR, Rogers played a pivotal role in the creation of cutting-edge models, including the award-winning Jaguar I-PACE and the Land Rover Defender. His appointment to the board will support EVR's global expansion in vehicle electrification across all sectors.

Revolutionary Technology by EVR Motors:
EVR Motors, an Israeli-based electric motor innovator, is revolutionizing the electric vehicle industry with its groundbreaking motor topology known as the Trapezoidal Stator Radial Flux Permanent Magnet (TS-RFPM) motor. This innovative technology, for which EVR Motors has received multiple patents, allows for the production of smaller, lighter, and more cost-effective motors tailored to customer requirements. Compared to conventional electric motors, EVR motors offer superior power density, increased flexibility, and reduced production costs. With product lines ranging from 3kW to 200kW, EVR Motors is extending its market reach from two and three-wheelers to passenger cars, commercial vehicles, and off-road vehicles. EVR is setting up a fully-owned subsidiary in India to manufacture components for its customers in India and globally. Opher Doron, CEO of EVR stated "We are witnessing extraordinary interest in our motor topology in diverse markets. Multiple customers have signed commercial agreements to use our technology, and are setting up motor assembly lines for a variety of motors. We expect multiple vehicles, ranging from small 2-wheelers to racing machines and commercial vehicles, to be on the road with motors from these production lines next year."

Impressive Commercial Agreements:
EVR Motors has secured impressive commercial agreements that highlight the company's growing presence and demand in the electric motor market. These partnerships include collaborations with prominent industry players such as Napino Auto & Electronics, Belrise Industries, RSB Transmissions, EKA Mobility, and Tsukasa Electric. These agreements enable the mass manufacture and global distribution of electric motors for various use cases, ranging from two-wheelers to commercial vehicles.

Varana Capital's Strategy and Investments:
Varana Capital, well known for targeting disruptive technologies in large and rapidly growing sectors, has identified EVR Motors as a prime example of such a partnership. Ezra Gardner, Board Advisor to EVR, added, "We couldn't be more excited to see EVR motors on the road next year, as our manufacturing partners begin shipping globally for multiple applications. It's always inspiring to see an investment that started as a hand-drawn design on paper subsequently grow into a major disruptor across a number of markets."

About Varana Capital: Founded by Philip Broenniman and Ezra Gardner in 2012, Varana Capital, LLC invests in and cooperatively engages with small cap/early-stage public and private companies, primarily in the US and Israel. For more information, visit www.varanacapital.com.

For more information about EVR Motors and its groundbreaking technology, please visit their official website at https://evr-motors.com.

Media contact:
Ankur Ahuja
[email protected]

SOURCE Varana Capital, LLC