Servotech shares rebound 4%; company signs MoU to develop 1,000 EV charging stations – Business Today

Shares of Servotech Power Systems rebound during Friday’s session after the company signed a memorandum of understanding (MoU) with EMCOR Power Solutions for establishing EV charging stations in the country. The company informed about the same through an exchange filing on Friday. EMCOR Power Solutions is the Indian business start-up of EMCOR International, a Kuwait-based general trading company. The partnership has been linked to establish 1000 EV charging stations in India, the said in the exchange filing with the National Stock Exchange (NSE). Under the terms of the MoU, EMCOR Power Solutions will provide Servotech Power Systems with 1000 CPO (Charge Point Operator) sites in India for the installation of EV chargers. Servotech will take on the role of manufacturer and installer of 30kW and 60kW and even higher capacity DC fast EV chargers, strategically distributed across India, added the release with the NSE. Following the announcement, shares of Servotech Power Systems rebound 4 per cent from day’s low to Rs 74.90 from Rs 72.40 on Friday. The script had settled at Rs 73.90 in the previous trading session. The company was commanding a total market capitalization of more than Rs 1,590 crore. Shares of Servotech Power have soared about 500 per cent from its 52-week low at Rs 12.55, hit in November 2022. The stock has rallied more than 200 per cent in the last six months period, while it is up 360 per cent in the year 2023 so far. However, the stock has remained flat in the last one month. The project will be executed in phases, with the initial phase encompassing the installation of 100 DC fast EV chargers in South India, followed by further expansion across India. This tie up will mark a significant development in the quest for efficient and well equipped EV charging infrastructure in India, added the company. Servotech Power Systems develops tech-enabled EV Charging solutions leveraging their over 20 years of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic.

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