Iveco agrees to buy minority stake in Blue Energy Motor clean energy truck start-up
Start-up developing clean energy trucks powered by liquefied natural gas
Milan: Truckmaker Iveco Group said on Wednesday it had agreed, through its engine unit FPT Industrial, to buy a minority stake in India's Blue Energy Motors, a start-up developing clean energy trucks.
The closing of the deal is subject to conditions, Iveco said in a statement.
Iveco did not provide financial details of the transaction, which follows an agreement in July between the two companies for the supply by FPT Industrial to Blue Energy Motors of engines for liquefied natural gas (LNG) powered trucks.
Iveco, one of market leaders in liquefied and compressed natural gas technologies for commercial vehicles, said that the cooperation with Blue Energy Motors, although initially focused on LNG applications, might develop in the future in the area of electrification.