Calcutta-based electric two-wheeler manufacturer Motovolt is going to acquire a majority stake of 51 per cent in German electric motorcycle company eRockit AG by 2024.

Initially, it acquired a 5 per cent stake in the company with an investment of 1 million euros.

“We have an open agreement that allows us to acquire a majority stake by one year,” said Tushar Chowdhury, founder and chief executive officer of Motovolt.

The agreement will allow Motovolt to acquire electric motorcycle-making technology that will then be used to upgrade its products. It will also enable Motovolt to produce eRockit products in its factory and sell them in the Indian market and also export to European and non-European markets.

Asked why it picked eRockit for investment, Chowdhury said: “eRockit AG is an electric motorcycle company that has products approved by the European markets. We are acquiring technology from them as well as selling and exporting rights. We intend to sell products of eRockit in the domestic market and also export to Asian markets like Taiwan, Japan, Korea, and Indonesia.”

Motovolt will be launching the eRockit motorcycle which has a 5-KW battery and a top speed of 100kmph next year.

The company which has a factory in Taratola already manufactures Urbn with a 250-watt motor and a .72KwH battery. It also makes Hum, Kivo and Ice, all with 250-watt motor and battery range of 25 to 100 km. It is going to launch e-scooters in July.