Servotech Power Systems, a leading player in EV charging and solar solutions, secures a contract from the Nashik Municipal Corporation (NMC). As per the contract, Servotech Power Systems will supply, commission, and build 20 electric vehicle (EV) charging stations in Nashik.
The contract addresses the rising demand for convenient and accessible charging infrastructure for electric vehicles. This will, in turn, help the state transition towards sustainable transportation solutions. As the trend of EV mobility gains momentum, there arises a necessity for upgraded EV charging infrastructure. The new charging stations will offer EV owners the ease of recharging their vehicles while on the go.
How Will the Contract Help Nashik?
Servotech will manage the setting up, supply, construction, contracting, and upkeep of the EV charging stations. Moreover, these stations will serve a wide range of vehicles, thereby enhancing Nashik’s EV charging network.
Servotech will aim to align with the government’s objective to develop a strong EV ecosystem in the country. Moreover, by supporting Nashik’s transition to cleaner transportation, this initiative shows Servotech’s commitment to sustainability. Also, it contributes to the reduction of carbon emissions in one of India’s major cities.
Sarika Bhatia, Director of Servotech Power Systems Ltd. said, “This contract represents a major milestone for Servotech Power Systems. We are deeply committed to advancing India’s electric vehicle revolution and fostering sustainable transportation solutions. We are already a leader in the EV charger market and through this initiative, we are set to become a leader in the EV charging infrastructure market as well. This collaboration with the Nashik Municipal Corporation underscores our capabilities to provide cutting-edge and reliable EV charging solutions for cities across the nation.”
Other Objectives of Servotech
Recently, Servotech Power Systems Ltd. announced an investment of Rs 100 crore for setting up an EV charger component manufacturing facility. The company will collaborate with an international organization to establish a manufacturing facility dedicated to Power Modules, Control Circuits, and PLCs for EV chargers – fundamental components for EV charging infrastructure
The aim of Servotech Power Systems Ltd. is to increase the supply of key EV charger components in the country. Initially, the new facility would have an annual manufacturing capacity of 24,000 power modules. It will meet the demands of the rapidly expanding Indian EV industry, estimated to require around 6 lakh units annually.
However, the company’s objective is to increase its production capacity to 2.4 lakh power modules per year. It also intends to hold a substantial share of the growing EV charging market.
Following the company’s acquisition of the contract to build 20 electric vehicle (EV) charging stations in Nashik, shares of Servotech Power Systems Ltd saw a nearly 3% increase on Monday.
