1. EV charger manufacturer Exicom to acquire global EV charging player Tritium.
EV charger manufacturer Exicom Tele-Systems Ltd is all-set to acquire businesses & assets of Australia-based DC fast-charger manufacturer ‘Tritium’. The deal is valued at $29.63 million, and will make Exicom go global. The acquisition is expected to be completed by 31 August, 2024. Post this announcement, shares of Exicom were locked in upper circuit and were trading higher by 5% on NSE.
Exicom will get access to Tritium’s manufacturing unit in Tennessee (US), and its engineering centre in Brisbane (Australia). Tritium designs & manufactures DC fast-chargers for electric vehicles. The company is a leading international industry brand, with over 13,000 EV fast chargers in 47 countries!
2. Hindustan Petroleum to set-up battery swapping stations at its petrol pumps.
Hindustan Petroleum (HPCL) has partnered with battery swapping solutions company ‘Mooving’ to set-up battery swapping stations at 22,000 HPCL petrol pumps across the country. Mooving will deploy 500 fully-automated battery swap stations by 2025. It will offer battery-as-a-service subscriptions, which will cover battery cost, maintenance & charging. Mooving’s network is powered by Livguard.
As far as EV ‘refueling’ is concerned, HPCL has already installed 3700 EV charging stations at its petrol pumps across the country.
3. Amara Raja ties-up with Piaggio to supply lithium-ion cells & battery packs.
Amara Raja, known for its battery brand Amaron, has signed an agreement with Piaggio to supply lithium-ion cells, battery packs & chargers for the latter’s electric three-wheelers & upcoming two-wheelers. As per the agreement, Amara Raja will manufacture LFP (Lithium Iron Phosphate) cells and chargers at its ‘gigafactory’ in Telangana. This announcement is in continuation with a 2020 agreement in which Amara Raja supplied 50,000 NMC battery packs & EV chargers to Piaggio.
Amara Raja is working with China's Jiangsu Highstar Battery Manufacturing Co. for NMC battery tech and Gotion InoBat Batteries (GIB) for LFP battery tech.
4. Atul Auto opens 10 dealerships across 5 states.
Atul Greentech, a subsidiary of Atul Auto, has opened 10 new dealerships. The new showrooms are located in Gujarat, Rajasthan, Chhattisgarh, Bihar & Uttar Pradesh.
Atul Greentech has a passenger electric 3-wheeler ‘Atul Mobili’ and a cargo electric 3-wheeler ‘Atul Energie’ in its portfolio. These EVs come with intelligent telematics solutions, advanced Battery Management Systems (BMS) and offer claimed range of around 200 km.
Atul Auto expects its EV sales to touch 4000 units per month in 2025. At present, the company's monthly sales figures are around 2500 units. The company experienced a 16% surge in share prices last month, continuing its bull run for a 2nd consecutive month. The stock has gained more than 300% in the last 2 years. The company’s EPS has increased from Rs 1.82 to Rs 3.24, in the last year. Renowned investor Vijay Kedia holds a 2.71% stake in Atul Auto via his brokerage firm Kedia Securities. Apart from this, he also has Atul Auto in his personal portfolio, with an 18.20% stake. Retail investors closely follow the investor’s decisions, seeing them as indicators of potential market opportunities.
5. Ola Electric shares jump 20% on debut.
Ola Electric shares jumped 20% on trading debut on 9th August, to hit the upper circuit. The company’s shares ended at Rs 91.20, up Rs 15.20 (almost 20%) over issue price of Rs 76 on NSE. Shares worth Rs 4426 crores got traded. Market gurus viewed this surge as an indication that investors are willing to bet on a long-term shift from petrol two-wheelers to electric two-wheelers in the country.
Ola Electric is India’s largest electric two-wheeler player, accounting for 35% of the total electric 2-wheeler sales in FY24. The company is backed by SoftBank and Singapore's Temasek.
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