Shares of Servotech Power Systems Rally 4% On Order Win of Rs.111 Cr From IOCL

On Friday, the shares of the solar power products manufacturer, Servotech Power Systems surged around 4 percent after the company received an order for 1400 DC fast EV chargers worth Rs 111 crore from IOCL.

The order secured by IOCL involves manufacturing, supplying and installing of DC EV chargers nationwide, prioritizing deployment at Indian Oil petrol pumps and other said locations. The company will also manufacture and supply the rest of the chargers to EV charger OEMs.

The said order includes two charger variants of 60 kW and 120 kW. The company has committed to install all these chargers by the end of the FY 2024-25. It will deploy 5% of the 4700 units of DC EV chargers by 31 March 2024. Additionally, it will also complete the deployment of 2649 AC EV chargers order received by BPCL by the same 31 March 2024. The total order is valued at Rs 111 crore.

Last month, Servotech Power Systems clinched a significant deal worth 102 crore with Hindustan Petroleum Corporation (HPCL) and other EV charger OEMs, securing an order for approximately 1,500 DC fast EV chargers. The order encompasses two charger variants, 60 kW and 120 kW. Under the agreement, Servotech will undertake the manufacturing, supply, and installation of DC EV chargers nationwide, with a primary focus on deployment at HPCL's retail outlets.

Servotech Power Systems is into the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.