Latest Car News in India

Thursday, March 21, 2024

By Kamal Swami

Servotech To Establish 20 EV Charging Stations In Nashik

Servotech Power Systems Ltd., renowned for its green charging solutions, has recently inked a significant contract to deploy electric vehicle (EV) charging stations across the Nashik Municipal Corporation area. According to the contract, the group will help in supplying, constructing, and commissioning 20 EV charging stations strategically positioned throughout the area. With the increasing demand for convenient and accessible charging facilities, this initiative plays a pivotal role in propelling the state towards sustainable transportation solutions.
With the surging popularity of electric vehicle mobility, there is an urgent need for bolstered EV charging infrastructure. These stations will empower EV owners to conveniently recharge their vehicles while on the move, thereby supporting the widespread adoption of electric vehicles. In accordance with an exchange filing, Servotech will oversee the entire lifecycle of the EV charging stations, including supply, installation, construction, commissioning, and maintenance. This comprehensive approach aims to significantly augment Nashik's electric vehicle charging network, accommodating diverse vehicle types and driving increased accessibility.
In a notable development, Servotech Power Systems has successfully concluded equity dilution of 6 per cent, raising Rs 12 crore at a pre-money valuation of Rs 200 crore. Each EV charging station is projected to cost between Rs 15 lakh to Rs 25 lakh, contingent on the number of chargers installed and their charging capacity.
This investment is poised to fuel the growth plans of Servotech EV Infra's initial phase and underscores Servotech's steadfast commitment to sustainability. By facilitating Nashik's transition to cleaner transportation, the company not only fulfils its environmental responsibility goals but also contributes to reducing carbon emissions in one of India's key cities. Furthermore, Neeraj Gupta has been appointed as AVP of Operations and Prem Prakash as Chief Executive Officer (CEO), signalling Servotech's strategic leadership restructuring.
Director of Servotech Power Systems Ltd., Sarika Bhatia, expressed, "This contract marks a significant milestone for Servotech Power Systems. We are deeply dedicated to advancing India's electric vehicle revolution and fostering sustainable transportation solutions. Already a leader in the EV charger market, this initiative positions us to lead the EV charging infrastructure market as well." She also added, "Our collaboration with the Nashik Municipal Corporation underscores our ability to deliver cutting-edge and reliable EV charging solutions nationwide,".
Servotech Power Systems Ltd., an NSE-listed organization, specializes in developing technology-enabled electric vehicle charging solutions, leveraging over two decades of expertise and experience in the electronics sector.

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