Servotech forays into EV component manufacturing, collaborates with international company

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

The NSE-listed organisation currently develops EV charging and solar solutions in the 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 the 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 the overall growth of the EV ecosystem, making charging solutions more affordable and accessible to a wider public."

With an annual production capacity of 24,000 power modules, the 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. 

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

It will also lead to advancing the EV charging capabilities in the country.

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

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