Servotech Introduces Subsidiary Delving in EV CPO Business

Servotech Adds Orders for 2649 EV Chargers from BPCL

Servotech Power Systems Ltd, India’s premier EV charger manufacturer, has declared the creation of its wholly owned subsidiary, Servotech EV Infra Pvt. Ltd. to foray into the EV Charge Point Operator business. The subsidiary will act as a CPO and install EV charging stations across India. Servotech EV Infra Pvt. Ltd. aims to establish 5000 EV charging stations across the nation in the upcoming years.

Servotech Power Systems will manufacture and supply EV chargers to Servotech EV Infra and operate as a Charge Point Operator for these EV chargers.

The EV charging market is expected to grow rapidly in the coming years as the government is targeting 30% of all vehicles to be electric by 2030.

Commenting on the announcement, the Founder and Managing Director of Servotech Power Systems Ltd., Raman Bhatia, stated, “This subsidiary seamlessly integrates with our mission of providing reliable and accessible charging solutions, addressing the critical need for a well-developed charging network to support the EV market.”

The firm seems to be on a diversification spree, having earlier announced its subsidiary Techbec Green Energy Private Limited engaging in the manufacture of EV charging components, manufacturing and trading of batteries. The firm tells us that there is a shortage of components, such as CCS2 guns, Type 2 guns, connectors, PLC modules, control cards, Lithium-Ion batteries etc, required to make EV chargers. India has been widely importing to fulfill these needs. The subsidiary will look at the manufacture of these components.

Servotech Sees Revenue Growth of 115.2% in Q2 FY24 Against Q2 FY23

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Public charging infrastructure is a key enabler for EV adoption. At the end of 2022, there were 2.7 million public charging points worldwide, more than 900,000 of which were installed in 2022, about a 55% increase on 2021 stock, and comparable to the pre-pandemic growth rate of 50% between 2015 and 2019. Globally, more than 600 000 public slow charging points were installed in 2022, 360 000 of which were in China, bringing the stock of slow chargers in the country to more than 1 million. At the end of 2022, China was home to more than half of the global stock of public slow chargers.