Servotech Power Systems Win EV Charging Stations Order After Recovering 108% From 52W-Low

Servotech Power Systems' shares shot up 3% intraday on Tuesday, trading at Rs 146.90 a share on the NSE after beginning at Rs 142. The spike in the value of shares came after Servotech Power Systems Ltd, the largest EV charger manufacturer in India, said on Monday that Bangalore Electricity Supply Company Limited (BESCOM) awarded it a significant contract to construct 11 DC Fast EV charging stations. Under this deal, Servotech will build 11 Regional Transport Office (RTO) locations around Karnataka with public electric vehicle (EV) charging stations.

From initial planning and design up to the final installation, Servotech will oversee the full project execution. This entails creating a thorough strategy that ensures the best possible positioning and capacity for EV charging stations when they are installed at each RTO location. Strict safety and performance criteria will be met during the manufacturing, testing, and inspection of high-quality charging stations. Servotech will also take care of the required electrical connections and power supply arrangements in addition to providing warranty support.

Sarika Bhatia, Director of Servotech Power Systems Ltd. said, "We are glad to be working on this project for BESCOM. As a leading player in the EV sector, this initiative brings us closer to our collective goal of transforming India into an EV-powered nation. We are creating our green footprints, capturing every state, and every region of India. Having recently collaborated with ANERT and now with BESCOM our robust desire towards creating an EV charging framework is growing stronger day by day and we plan to enhance our presence by collaborating with other Nodal Agencies and DISCOMs in future as well."

"Our efficient hardware and software solutions will ensure dependable EV charging stations, catering to the growing demand for sustainable travel options. This project is key to support the expanding EV customer base and strategically scaling EV charging stations in high-demand areas. Together, with a shared vision and dedication, we are driving a smooth transition to green mobility through sustainable transport solutions," he further added.

Servotech Power Systems further broadened its reach last month when it signed up with 62 DISCOMs nationwide as part of the Pradhan Mantri-Surya Ghar Mufti Bijli Yojana. With over 1.28 crore registrations and 14 lakh applications, the PM Surya Ghar Muft Bijli Yojana has gained enormous traction. Servotech's enrollment with DISCOMs under the scheme will further reinforce the scheme's effect by rendering sustainable energy solutions easier and more affordable for a wider audience.

Servotech Power Systems is an NSE-listed company that uses its more than 20 years of experience and knowledge in the electronics industry to offer tech-enabled EV charging solutions. It offers a wide variety of AC and DC chargers that work with various EVs and have several uses, including residential and commercial.