Multibagger Stock Servotech Power Systems To Establish 1000 EV Charging Stations in India

On Thursday a strategic partnership between Servotech Power Systems and EMCOR Power Solutions was introduced in order to revolutionise India's EV charging infrastructure. Servotech Power Systems and EMCOR will establish 1000 EV charging stations in India as a result of their agreement. EMCOR Power Solutions agrees to provide Servotech Power Systems with 1000 CPO (Charge Point Operator) locations in India as per the provisions of this MOU.

According to the terms of the agreement, these locations will be the foundation for the construction of EV chargers. To meet the various power needs of various sites, Servotech Power Systems will assume the responsibility of manufacturing and installation of 30kW, 60kW, and even more powerful DC fast EV chargers. These chargers will be strategically placed throughout India.

"The project will be executed in phases, with the initial phase encompassing the installation of 100 DC fast EV chargers in South India, followed by further expansion across PAN India. This tie up will mark a significant development in the quest for efficient and well equipped EV charging infrastructure in India," said Servotech Power Systems in a stock exchange filing.

Mr Raman Bhatia, MD of Servotech Power Systems Ltd said "The signed MOU aims to accelerate nationwide adoption of Electric Vehicles by developing a well-equipped and technologically advanced EV charging infrastructure. We understand that the widespread adoption of EVs require more than just cutting-edge EV chargers; it demands a comprehensive and robust charging infrastructure that is accessible to all. Our goal, as the leading EV charger manufacturer in India, having a substantial market share, is to transform this vision into reality. We are confident that our deep industry knowledge and expertise in manufacturing high quality, reliable and affordable charging solutions will make this partnership a resounding success"

"As the leading sustainable energy and power protection solutions provider, we, EMCOR Power Solutions understand that the path to sustainability is paved through innovation, dedication and strategic alliances. In the pursuit of fulfilling our vision of accelerating the transition to sustainable mobility we have forged strategic partnerships. The partnerships signify our dedication to bringing world class expertise and cutting- edge technology to the forefront of sustainable mobility solutions.

We are fully committed to leveraging our vast experience and resources to drive transformative change in the sustainable mobility landscape. Through this partnership we aim to enter the realm of EV charging and are excited about the possibilities this partnership holds and the positive impact it will bring to our nation's mobility landscape" said Byju Kuniyil, MD of EMCOR Power solutions & EMCOR International GTC, Kuwait.

On Friday the shares of Servotech Power Systems opened on the NSE at Rs 74.50 apiece. The stock has given a multibagger return of 305.42% in 1 year and on a YTD basis it has rallied 362.01% so far in 2023. The scrip has made a 52-week-high of Rs 100.00 on (21-Jun-2023) and a 52-week-low of Rs 12.55 on (24-Nov-2022).