Initially, 100 DC fast EV chargers will be installed at different locations in South India and later scaled up to other parts of the country.
Stock Market News: Servotech Power Systems shares on Friday jumped after it announced to entered into an agreement with Kuwait-based EMCOR Power Solutions to set up EV charging stations in the country. Under the pact, Servotech Power will develop 1,000 EV charging stations at various locations. The Delhi-based firm will manufacture and install 30kW to 60kW and higher capacity DC fast EV chargers to cater to the varying power requirements. The project will be executed in a phased manner.
“Under the memorandum of understanding (MoU), EMCOR Power Solutions commits to provide 1,000 charging power operators (CPO) sites in India. These sites will serve as the foundation for the installation of EV chargers, as outlined by the agreement,” the statement said.
Initially, 100 DC fast EV chargers will be installed at different locations in South India and later scaled up to other parts of the country.
“The MoU aims to accelerate nationwide adoption of E-vehicles by developing a technologically advanced EV charging infrastructure,” Raman Bhatia, MD of Servotech Power Systems, said. The shares of the Delhi-based Servotech Power Systems jumped 1.50 per cent to day’s high of Rs 74.90.
Servotech is engaged in the manufacturing, procurement and distribution of a range of advanced solar products, medical devices as well as energy-efficient lighting solutions.