EV-Charger Manufacturer & Solar Solution Provider - Servotech Collaborates with UK-Based Ensmart Power to Expand EV Charger Business in the UK and Beyond
From Rs 2.04 to Rs 193 per share, the stock delivered multibagger returns of 9,360 per cent in 3 years.
Today, shares of Servotech Power Systems Ltd surged 3.06 per cent to Rs 193 per share from its previous closing of Rs 188.14 per share. The stock’s 52-week high & all-time high is Rs 205.40 per share. The company has a market cap of Rs 4,152 crore. From Rs 2.04 to Rs 193 per share, the stock delivered multibagger returns of 9,360 per cent in 3 years.
Servotech Power Systems Ltd., India's largest EV charger manufacturer, and UK-based Ensmart Power, a pioneer in Critical Power, Solar and Energy Storage Systems, have signed a sole distribution agreement to expand their EV charger distribution network across the UK and beyond, including North America.
This agreement will capitalize on the rapid growth of electric vehicle adoption in these regions. By combining Servotech's innovative EV charging solutions with Ensmart Power's expertise in energy storage and distribution, the partnership aims to provide a reliable and accessible charging infrastructure for consumers. The collaboration will drive the development of green mobility alternatives, contributing to a carbon-neutral transportation ecosystem and setting new standards in efficiency, reliability and environmental responsibility.
Raman Bhatia, Founder and Managing Director of Servotech Power Systems Ltd. commented, “This collaboration is a strategic move to establish a strong international footprint and bring innovative solutions closer to overseas users, with an emphasis on local production. Servotech aims to deliver world-class EV charging solutions and this partnership will allow us to localize Ensmart Power's global expertise and address the increasing demand for innovative charging solutions. Each charging point will contribute to a comprehensive network of stations, accessible to all electric four-wheelers, enhancing the on-the-go charging experience for e-mobility users in the UK and other regions.”
Deniz Taner, Managing Director, Ensmart Power stated "We are thrilled to associate with an industry leader like Servotech. Having worked with Raman Bhatia for more than a decade, this solidifies our relationship as we aim to cross-pollinate IP and ideas to ensure the collective businesses go from strength to strength. We are excited about making EV charging solutions more accessible and affordable, driving sustainable profits and shaping the future of electric mobility. This collaboration is set to alleviate range anxiety for EV owners and pave the way for future advancements in cutting-edge technology and faster charging speeds, transforming the e-mobility landscape in the UK and other regions.”
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About the Company
Servotech Power Systems, a trusted brand with a nationwide presence on the NSE, has over 20 years of experience in electronics. They leverage this expertise to design and manufacture cutting-edge AC and DC charging solutions for electric vehicles. Their chargers cater to both commercial and domestic applications, ensuring compatibility with a wide range of EVs. With its comprehensive engineering capabilities, Servotech is positioned to be a key player in building India's EV charging infrastructure. Backed by a history of innovation and advanced technology development, Servotech is committed to shaping the future of e-mobility in India.
In Q1FY25, FIIs bought 70,06,711 shares and increased their stake to 5.53 per cent compared to 2.45 per cent in Q4FY24. The stock gave multibagger returns of 165.3 per cent from its 52-week low of Rs 72.75 per share. Investors should keep an eye on this multibagger EV-charging and solar energy stock.
Disclaimer: The article is for informational purposes only and not investment advice.