Servotech Power Systems was locked in an upper circuit of 5% to Rs 85.50 after the company and Electra EV has collaborated for innovative EV charging technologies.
The company has announced collaboration for a jointly owned revolutionary EV charger technology, for which they filed for patents recently. These ground-breaking solutions enable fast DC charging of any GB/T Bharat DC 001 vehicle (which is on sub 200V DC platforms) from the CCS2 charging network through the addition of a connector using a small additional gadget.
The firm stated that this need was established by Electra EV serving their OEM and fleet customers. This innovation paves the way for seamless charging compatibility, eliminates the need for expensive dual infrastructure deployment, and benefits both passenger services and commercial vehicles that rely on the GB/T Bharat DC 001 protocol.
Arun Handa, chief technical officer (CTO), Servotech Power Systems, said, "This collaboration brings together exceptional technological expertise and a commitment to innovation. The joint ownership of these patents will accelerate the development of next-generation EV charging ecosystem that benefits businesses and consumers alike."
Samir Yajnik, CEO, Electra EV, said, "This breakthrough technology aligns perfectly with Electra EVs mission to pioneer the transition to electric vehicles. We see incredible potential for solutions from this collaboration in progressing Indias EV growth journey."
Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.
The company reported 71.24% decline in consolidated net profit to Rs 1.11 crore on 39.74% fall in revenue from operations to Rs 52.01 crore in Q3 FY24 over Q3 FY23.
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