Servotech Power Systems Hits Upper Circuit After Partnership With Electra EV

On Tuesday, shares of Servotech Power Systems Limited surged 5 per cent to hit the upper circuit after the company announced a partnership with Electra EV for innovative EV Charging Technologies to create India's first fast charging interoperability solutions between GB/T and CCS2 protocols.

The company said in the exchange filing that, "These ground-breaking solutions enable fast DC charging of any GB/T Bharat DC 001 vehicle (which are on sub 200V DC platforms) from the CCS2 charging network through the addition of a connector using a small additional gadget. This need was established by Electra EV serving their OEM and fleet customers. This innovation paves the way for seamless charging compatibility, eliminates the need for expensive dual infrastructure deployment, and benefits both passenger services and commercial vehicles that rely on the GB/T Bharat DC 001 protocol".

Servotech Power Systems Ltd with a market cap of around Rs 1850 crore is an EV charging solutions provider whose shares have a 52-week high of Rs 108.70 while a 52-week low of Rs 17.52.

"We are thrilled to partner with Electra EV, a company that shares our vision for a sustainable and accessible e-mobility future," said Arun Handa, Chief Technical Officer, Servotech Power Systems Ltd. "This collaboration brings together exceptional technological expertise and a commitment to innovation. The joint ownership of these patents will accelerate the development of next-generation EV charging ecosystem that benefits businesses and consumers alike."

"Electra EV is delighted to announce the collaboration with Servotech Power Systems, which is working towards reimagining the EV charging landscape with solutions that are fit for purpose," said Samir Yajnik, CEO of Electra EV. "This breakthrough technology aligns perfectly with Electra EV's mission to pioneer the transition to electric vehicles. We see incredible potential for solutions from this collaboration in progressing India's EV growth journey," he further added.

Recently, Servotech Power Systems has bagged a major order of 1800 DC Fast EV chargers from Bharat Petroleum Corporation. The project valued at Rs 120 Crores will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation.

Servotech Power Systems is in 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.