Servotech Power Systems Wins EV Charging Stations Order For Nashik Municipal Corporation

The shares of Servotech Power Systems are expected to remain under attention going forward since the company received an additional order from the Nashik Municipal Corporation (NMC) on Monday to build EV charging stations.

In the past, Servotech was ordered by NMC to produce, install, and activate 20 electric vehicle (EV) charging stations around the Nashik Municipal Corporation grounds. A total of 29 electric vehicle (EV) charging stations will now be supplied, installed, and commissioned by Servotech after NMC saw the project's prompt execution and delivery.

This investment will facilitate Nashik's transition to more environmentally friendly transportation options by providing the city with an easy charging facility for electric vehicles. EV users will find it simpler to recharge their vehicles with the establishment of an easily accessible and enhanced network of EV charging stations, resulting in smooth intercity and interstate journeys. To improve Nashik's charging infrastructure, Servotech will manage the procurement, installation, and upkeep of EV charging stations.

This establishes Servotech as a vital participant in India's EV infrastructure expansion, coinciding with national ambitions for a thriving EV ecosystem. Additionally, the project shows Servotech's dedication to sustainability by promoting cleaner mobility and lower emissions in Nashik.

Sarika Bhatia, Director of Servotech Power Systems Ltd. said, "We are thrilled to contribute to Nashik's transition to cleaner transportation and remain fully committed to fostering a sustainable future for both the city and the nation by working on the additional order given by NMC. At Servotech, we're dedicated to enhancing the charging experience for all EV owners. As we serve a growing customer base, we are carving out our own niche in the EV charging sector."

"Strengthening the EV charging network with Servotech's leading software and hardware represents a major advancement in our goal for high-speed, accessible charging infrastructure in India. This initiative aligns with our commitment to delivering exceptional customer experiences. With our extensive network of convenience and mobility sites both on and off highways, this partnership with NMC will provide fast and reliable charging solutions to EV drivers in and around Nashik whenever they need it," Sarika Bhatia further added.

Meanwhile, the company has also informed stock exchanges about Board Meeting to be held on 28-Oct-2024 to inter-alia consider and approve the unaudited financial results of the company for the half-yearly ended September 2025.

Earlier on 23rd September, 2024, Servotech Power Systems had launched warrants carrying a right to subscribe 1 equity share per warrant. The company had proposed to issue 58,50,000 warrants at a price of Rs. 167.40/- per warrant in cash, for aggregate consideration upto Rs. 97,92,90,000/- on a preferential basis for investor belonging to the promoters group i.e. Ms. Sarika Bhatia.

With over 20 years of expertise and expertise in the field, Servotech Power Systems, an NSE-listed company, provides 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.