SRIVARU Holding Limited (“SRIVARU”), a commercial-stage provider of
premium electric motorcycles, today announced it has been awarded a
key patent from the Patent Office, Government of India, titled
"Motorcycle Chassis with Traction Battery Pack Protection System"
(patent #201841037229). The new patent provides the company with
design IP protection in India for 20 years. In addition, the
company plans to apply for patent protection in other target
markets.
SRIVARU Awarded Key Patent for Motorcycle Chassis with Traction
Battery Pack Protection System Mohanraj Ramasamy, CEO
of SRIVARU, stated, “This latest patent highlights our commitment
to innovation in the motorcycle industry. Additionally, this patent
allows us to simplify the manufacturing process and enables swift
scalability of our production, which is key in a fast-growing
market like India. We believe this chassis patent is set to
transform the way performance motorcycles are conceptualized and
built. Traditionally, many of today's performance motorcycles have
been crafted with mid-drive or chassis motors. These designs often
require an array of additional hardware to transfer motor power to
the wheel, inevitably leading to increased costs, heightened
complexity, and more intensive maintenance associated with chains,
sprockets, and more. In comparison, our innovation sidesteps these
challenges. Our design distributes the weight of the motorcycle
evenly by keeping the battery in the front of the vehicle and
integrating the powertrain and motor into the alloy rear wheel.
This allows the motorcycle to have a lower center of gravity,
as well as kinetic energy creation and transmission directly within
the wheel, creating better balance and handling. As a result, the
motorcycle achieves excellent riding stability along with reduced
production and maintenance costs.”
“The reliable HubMotor has been greatly enhanced and, when
paired with our purpose-built chassis, it offers balanced weight
distribution and superior ride comfort, which has been incorporated
into our current Prana 1.0 product series electric
motorcycles. With crucial components like the controller,
battery, and charger integrated seamlessly at the front of the
chassis and the motor positioned at the rear, this design is a
testament to our streamlined efficiency.”
“In addition to this latest patent, we continue to be an
industry leader in terms of innovation, including the latest
enhancements to our motor technology. Specifically, our latest
designs are being developed with passive components within the
motor. This disruptive approach ensures ultra-low maintenance and
unparalleled reliability. Our Prana 2.0 product series
is already in the testing phase with this state-of-the-art motor
technology.”
“The granting of this patent not only showcases SRIVARU’s
continued drive for innovation, but also safeguards our unique
design approach from potential competitors. Towards this end,
we have filed and plan to file additional patent applications both
in India and around the world. Through continued innovation,
we believe we are poised to capture a meaningful share of the
Indian motorcycle market, which is forecast to exceed $36 billion
by 2027. Moreover, the EV segment of the Indian motorcycle market
is growing extremely fast and is projected to reach 45-50% of the
overall market by 2030. Overall, we have developed a lean and
capital-efficient business model, including highly scalable,
low-cost manufacturing, assembly and distribution, to support high
product margins,” concluded Mr. Ramasamy.
About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor Private Ltd., a
commercial-stage provider of premium e-motorbikes in India. SRIVARU
was founded on the realization that while the rider-motorcycle
relationship is deep and complex, it is in desperate need of
innovation for the next generation of riders. SRIVARU
provides affordable premium electric two-wheeled vehicles (“E2W”)
that provide an exceptional riding experience with redundant
3-channel automated braking, a low center of gravity to improve
stability, enhanced safety features, and easy charging compatible
with home charging outlets. The company has a broad array of
intellectual property, including a patent-pending chassis and drive
acceleration system. In addition, SRIVARU offers customers a
superior total cost of ownership, compared to traditional internal
combustion engine motorcycles and E2W vehicle competitors.
Additional information about the company is available at:
http://www.srivarumotors.com/.
On March 13, 2023, SRIVARU announced an agreement for a business
combination with Mobiv Acquisition Corp (“Mobiv”) (Nasdaq: MOBVU,
MOBV, MOBVW), which is expected to result in SRIVARU becoming a
public company listed on the Nasdaq Stock Exchange and is expected
to close in the second half of 2023, subject to customary closing
conditions.
About Mobiv
Mobiv is a newly incorporated company formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with a
target business. On March 13, 2023, Mobiv announced it had entered
into a business combination agreement, whereby Mobiv will combine
with SRIVARU Holding Ltd, a commercial-stage provider of premium
electric motorcycles, to create a new publicly traded company. The
transaction is expected to provide SRIVARU with access to
additional capital and position the company to accelerate the
commercial rollout-out of its E2W vehicles in the Indian market.
Additional information about the company is available at:
https://mobiv.ac/.
Forward Looking Statements
This communication may contain a number of "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include information
concerning Mobiv's or SRIVARU's possible or assumed future results
of operations, business strategies, debt levels, competitive
position, industry environment, potential growth opportunities and
the effects of regulation, including whether the Business
Combination will generate returns for stockholders or shareholders,
respectively. These forward-looking statements are based on Mobiv's
or SRIVARU’s management's current expectations, estimates,
projections and beliefs, as well as a number of assumptions
concerning future events. When used in this communication, the
words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose" and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking
statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside SRIVARU's or Mobiv's
management's control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: (a) the
occurrence of any event, change or other circumstances that could
give rise to the termination of negotiations and any subsequent
definitive agreements with respect to the Business Combination; (b)
the outcome of any legal proceedings that may be instituted against
Mobiv, SRIVARU or others following the announcement of the Business
Combination and any definitive agreements with respect thereto; (c)
the inability to complete the Business Combination due to the
failure to obtain approval of the stockholders of Mobiv, to obtain
financing to complete the Business Combination or to satisfy other
conditions to closing; (d) changes to the proposed structure of the
Business Combination that may be required or appropriate as a
result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the Business Combination; (e) the
ability to meet the applicable stock exchange listing standards
following the consummation of the Business Combination; (f) the
inability to complete the private placement or backstop
transactions contemplated by the Business Combination Agreement and
related agreements, as applicable; (g) the risk that the Business
Combination disrupts current plans and operations of SRIVARU or its
subsidiaries as a result of the announcement and consummation of
the transactions described herein; (h) the ability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of
SRIVARU to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (i) costs related to the Business
Combination; (j) changes in applicable laws or regulations,
including legal or regulatory developments (including, without
limitation, accounting considerations) which could result in the
need for Mobiv to restate its historical financial statements and
cause unforeseen delays in the timing of the Business Combination
and negatively impact the trading price of Mobiv's securities and
the attractiveness of the Business Combination to investors; (k)
the possibility that SRIVARU and Mobiv may be adversely affected by
other economic, business, and/or competitive factors; (l) SRIVARU’s
ability to execute its business plans and strategies, (m) SRIVARU's
estimates of expenses and profitability and (n) other risks and
uncertainties indicated from time to time in the final prospectus
of Mobiv, including those under "Risk Factors" therein, and other
documents filed or to be filed with the SEC by Mobiv. You are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made.
Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and SRIVARU and Mobiv assume no
obligation and, except as required by law, do not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither SRIVARU nor
Mobiv gives any assurance that either SRIVARU or Mobiv will achieve
its expectations.
Additional Information about the Transactions and Where to
Find It.
In connection with the proposed business combination between
SRIVARU and Mobiv (the "Business Combination") SRIVARU has filed a
registration statement on Form F-4 (as may be amended from time to
time, the "Registration Statement") that includes a preliminary
proxy statement of Mobiv and a registration statement/preliminary
prospectus of SRIVARU, and after the Registration Statement is
declared effective, Mobiv will mail a definitive proxy
statement/prospectus relating to the Business Combination to
Mobiv's stockholders. The Registration Statement, including the
proxy statement/prospectus contained therein, when declared
effective by the Securities and Exchange Commission ("SEC"), will
contain important information about the Business Combination and
the other matters to be voted upon at a meeting of Mobiv's
stockholders to be held to approve the Business Combination and
related matters. This communication does not contain all the
information that should be considered concerning the Business
Combination and other matters and is not intended to provide the
basis for any investment decision or any other decision in respect
of such matters. SRIVARU and Mobiv may also file other documents
with the SEC regarding the Business Combination. Mobiv stockholders
and other interested persons are advised to read, when available,
the preliminary proxy statement/prospectus and the amendments
thereto and the definitive proxy statement/prospectus and other
documents filed in connection with the Business Combination, as
these materials will contain important information about Mobiv,
SRIVARU and the Business Combination.
When available, the definitive proxy statement/prospectus and
other relevant materials for the Business Combination will be
mailed to Mobiv stockholders as of a record date to be established
for voting on the Business Combination. Stockholders will also be
able to obtain copies of the preliminary proxy
statement/prospectus, the definitive proxy statement/prospectus and
other documents filed or that will be filed with the SEC by Mobiv
through the website maintained by the SEC at www.sec.gov, or by
directing a request to the contacts mentioned below.
Participants in the SolicitationMobiv, SRIVARU
and their respective directors and officers may be deemed
participants in the solicitation of proxies of Mobiv stockholders
in connection with the Business Combination. Mobiv stockholders and
other interested persons may obtain, without charge, more detailed
information regarding the directors and officers of Mobiv and a
description of their interests in Mobiv is contained in Mobiv's
final prospectus related to its initial public offering, dated
August 3, 2022, and in Mobiv's subsequent filings with the SEC.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies to Mobiv
stockholders in connection with the Business Combination and other
matters to be voted upon at the Mobiv stockholder meeting are set
forth in the Registration Statement. Additional information
regarding the interests of participants in the solicitation of
proxies in connection with the Business Combination is included in
the Registration Statement that SRIVARU has filed with the SEC. You
may obtain free copies of these documents as described in the
preceding paragraph.
DisclaimerThis communication relates to a
proposed business combination between SRIVARU and Mobiv. This
document does not constitute an offer to sell or exchange, or the
solicitation of an offer to buy or exchange, any securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, sale or exchange would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Investor & Media Contact Crescendo
Communications, LLC Tel: (212) 671-1020 Email:
MOBV@Crescendo-IR.com
- SRIVARU Awarded Key Patent for Motorcycle Chassis with Traction
Battery Pack Protection System
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