EV Solutions Firm Magenta Invests in EV Component Maker Axiom

Magenta, India’s homegrown integrated Electric Vehicle (EV) charging solutions company, has confirmed a significant investment into Axiom Energy Conversion Limited, one of India’s oldest EV component manufacturers, said an official statement.

With the Magenta Axiom investment and partnership, plans are afoot to develop a greenfield manufacturing setup dedicated to EV powertrain components, including chargers, convertors, motor controllers and drive train components. The majority stake acquisition of Axiom enables Magenta to have a large in-house manufacturing facility for its EV Charging equipment with a mission to Make in India, Make for the World, said Magenta.

With this transaction, Magenta Axiom emerges as one of the most integrated EV charging players with business verticals spanning from Charger manufacturing to Charging technology, Charging as a service and Last mile electric delivery, added the firm. Future expansion plans include deploying these integrated EV solutions across the country.

Magenta MD Mr. Maxson Lewis said, “We are amazed at a depth of knowledge and manufacturing capability in AC-DC conversion that Axiom has developed. It was only recently that our joint discussion turned into an investment and partnership. Magenta has believed in building an end-to-end platform solution for EV Charging, and this new state-of-the-art facility will contribute significantly to further advancing Magenta’s move toward zero-emission electric mobility. We are glad to be supported by Axiom, who are passionate to bring about a change towards clean mobility.”

Mr. M J Purohit, MD of Axiom, said on this occasion, “Axiom is committed to developing new and robust EV components and charging solutions. Our EV components are designed to be SIMPLE, SMALL and RELIABLE while being imbibed with the latest tech. We intend to become the largest standalone component supplier for Chargers, DC- DC converters and Motor Drives in the country and with the association of Magenta we are very well placed to capture this burgeoning market space.

We have jointly lined up a robust portfolio of EV components and are working on developing these new age smart and affordable EV solutions.”