Servotech forays into EV component manufacturing, collaborates with international company

Electric vehicle charging company Servotech Power Systems has partnered with a leing international company for its foray into manufacturing EV charger components, company said on March 7.

NSE-listed organisation currently develops EV charging and solar solutions in range of AC and DC chargers, and solar panels, batteries and inverters for commercial as well as domestic use. 

Servotech is in process of constructing a cutting-edge manufacturing facility by December 2024 that focuses on production of power modules, control circuits, and PLCs, Servotech said in a statement.

Arun Handa, Chief Technical Officer of Servotech Power Systems said, "Our goal is to make Servotech a preferred supplier of EV Chargers as well as preferred OEM (Original Equipment Manufacturers)supplier of Power Modules for Indian EV Charger manufacturers. By establishing a robust domestic supply chain, we contribute to overall growth of EV ecosystem, making charging solutions more affordable and accessible to a wider public."

With an annual production capacity of 24,000 power modules, new plant will ramp up production to 2.4 lakh power modules annually.

Notably, India’s growing Indian EV market will require around 6 lakh units annually. 

in-house components manufacturing will reduce dependence on imported components, create high skill jobs in country and contribute to economic growth in technology sector.

It will also le to vancing EV charging capabilities in country.

This week, Servotech announced securing a Rs 111 crore order from  Indian Oil Corporation (IOCL) and or EV charger (OEMs) for  1,400 DC fast EV chargers. 

It h also received orders for 1,500 DC Fast EV chargers from HPCL and OEMs, along with 1,800 DC EV chargers from BPCL - taking EV charger orders count to 4,700 units.