Shares of Servotech Power Systems, an electric-vehicle (EV) charger manufacturer, were up on Friday after the firm inked a partnership with a Kuwait-based firm.
What Happened: Servotech said in a press release that it had partnered with EMCOR Power Solutions to improve the electric vehicle charging infrastructure in India. The collaboration aims to bolster the nation’s charging capabilities.
EMCOR Power Solutions, a subsidiary of Kuwait-based EMCOR International, will provide Servotech with 1,000 charge point operator sites across India. These sites will serve as the foundation for installing EV chargers.
What The Deal Is About: Servotech Power Systems will manufacture and install 30 kilowatts and 60 kilowatts direct current fast EV chargers. The project will roll out in phases, beginning with the installation of 100 direct current fast EV chargers in South India, followed by expansion nationwide.
“The signed MOU aims to accelerate nationwide adoption of Electric Vehicles by developing a well-equipped and technologically advanced EV charging infrastructure,” said Raman Bhatia, Managing Director of Servotech Power Systems,
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The collaboration could play a role in advancing India’s nascent EV charging infrastructure and facilitating electric vehicle adoption.
Price Action: Servotech’s share price was up 1.08% at ₹74.70 around noon on Friday.
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