1. Servotech joins hands with EMCOR for mega EV charging infrastructure project.

Servotech Power Systems has joined hands with EMCOR Power Solutions to set-up 1000 EV charging stations across the country. EMCOR Power Solutions (EPS India) is a part of Kuwait-based EMCOR International.

As per the agreement, EMCOR Power Solutions will provide 1000 Charge Point Operator (CPO) sites to Servotech. These sites will host EV chargers. Servotech will deploy these chargers, which will range from 30 kW to 60 kW. The first phase of this will begin with the installation of 100 DC fast-chargers in the southern states of India.

This announcement led to a positive market response and the NSE-listed Servotech stock jumped by 4%. Company shares had experienced a similar jump in August 2023 when Servotech had signed an agreement with UP state government to establish an EV charger manufacturing unit with an investment of Rs 300 crore.

2. Acer launches electric scooter in India.

Laptop manufacturing multinational company Acer has entered the Indian electric scooter market with the MUVI 125 4G. Acer hasn’t released specification details about the new scooter, however they have confirmed that it will come with two removable/swappable batteries, and will qualify for central & state govt subsidies. The scooter will have a charging time of around 4 hours and users will also get the option of using just one battery at a time.

Sources say the electric scooter will have a 1.7 kWh battery pack which will give a range of 80 km. The top speed will be around 75 km/hr. The company will offer customized variants for the B2B segment, specifically targeting the intra-city food and grocery delivery companies.

The MUVI 125 4G is Acer’s 1st electric vehicle that has been launched in the country. The company plans to introduce more electric two & three-wheelers soon, including electric cycles, e-bikes and e-trikes.

This scooter has been jointly developed and manufactured by Acer and Indian EV company eBikeGo. The electric scooter has been priced at Rs 99,999. Bookings will start soon.

3. Tata Power to set-up EV charging network in Guwahati.

Tata Power has signed an agreement with Assam state government to set-up 10 EV charging stations at busy locations within Guwahati. In near future, more charging stations will be set-up along the highways passing through the state as well as in other cities & towns.

The state government has also launched an app and whatsapp chatbot named ‘Path Suraksha Sahajogi’ for addressing road safety concerns.

4. Minda Corp shares trending courtesy EV engagements.

Brokerage house Axis Securities (a subsidiary of Axis Bank) has picked Minda Corp as its stock ‘pick of the week’. The Minda Corporation share has risen 65% in the last year, mostly due to business partnerships and its loaded order book. Axis Securities suggested a ‘buy’ recommendation on the Minda stock with a target price of Rs 375, which is an upswing of over 10% from its current price of Rs 339.50.

Minda Corporation is one of India's leading auto component manufacturers. In the last 6 months, the company has won orders worth around Rs 3000 crores, of which 50% are from the EV segment. This includes a Rs 750 crore order for battery chargers.

5. MOVIN launches EV fleet in Bengaluru.

Logistics brand MOVIN, a joint venture between multinational logistics company UPS and Indian conglomerate InterGlobe Enterprises, has announced its second fleet of EVs. The platform has rolled-out the fleet in Bengaluru for first & last-mile deliveries. MOVIN had launched its first EV fleet in Delhi-NCR earlier this year.

The company plans to expand its operations to Mumbai, Chennai, Hyderabad, Kolkata and Pune in the near future.

For complete EV charging solutions, explore the Kazam website.