Siemens gains on partnership with Switch Mobility

Siemens Limited has signed a memorandum of understanding (MoU) with Switch Mobility Automotive Limited to execute e-mobility projects and address the need of electric commercial vehicle customers in India.  

The MoU will focus on delivering efficient, cost-effective and sustainable e-mobility solutions to different commercial vehicle customers residing in India. Switch Mobility will bring its electric commercial vehicle industry experience while Siemens would provide charging infrastructure technology & management software solutions. The combined efforts of the two companies will help in optimising cost as well as enhance energy-efficient operations of the chargers.  

The duo would collaborate on new business models by leveraging batteries from commercial vehicles. These would include e-mobility-as-a-service (eMaaS), integrated depot energy management, vehicle-to-grid (V2G) as well as on-site/off-site renewable energy sources.  

Owing to the news, the shares of Siemens Limited reacted positively. On Thursday at 11.42 am, the shares of the company were trading 0.92 per cent higher at Rs 1,858.00.

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