20 EV Charging Stations To Come Up In Nashik. (Representational Image) (Photo: The Economic Times)
Servotech Power Systems has secured equity dilution of 6 per cent and raised Rs 12 crore at a pre-money valuation of Rs 200 crore.
Servotech Power Systems Ltd., a green charging solutions provider, has secured a contract for electric vehicle (EV) charging stations throughout the Nashik Municipal Corporation area.
This contract entails the supply, construction, and commissioning of 20 electric vehicle (EV) charging stations across the area. The primary objective of this contract is to address the mounting need for convenient and accessible charging facilities for electric vehicles, thereby facilitating the state’s transition towards sustainable transportation solutions.
With the rising popularity of electric vehicle (EV) mobility, there is an essential need for enhanced EV charging infrastructure, and these charging stations will allow electric vehicle (EV) owners to recharge their EVs conveniently while on the move.
The company, in an exchange filing, further said that Servotech will be responsible for overseeing the supply, installation, construction, commissioning, and maintenance of EV charging stations, catering to various vehicles, and substantially enhancing Nashik’s electric vehicle (EV) charging network, according to a report by Zee Business.
Notably, Servotech Power Systems has secured equity dilution of 6 per cent and raised Rs 12 crore at a pre-money valuation of Rs 200 crore. Each electric vehicle (EV) charging station will cost Rs 15–25 lakh, depending on the number of chargers installed and its charging capacity.
The company added that this investment will fuel Servotech EV Infra’s initial phase growth plans. It also highlights Servotech’s dedication to sustainability by facilitating Nashik’s transition to cleaner transportation, which aligns with the company’s environmental responsibility goals and reduces carbon emissions in one of the key cities of India, the company stated in a press release.
Neeraj Gupta was appointed as its AVP Operations and Prem Prakash as its Chief Executive Officer (CEO), the company further informed.
Director of Servotech Power Systems Ltd., Sarika Bhatia, said, “This contract represents a major milestone for Servotech Power Systems. We are deeply committed to advancing India’s electric vehicle revolution and fostering sustainable transportation solutions. We are already a leader in the EV charger market and through this initiative, we are set to become a leader in the EV charging infrastructure market as well.”
She added, “This collaboration with the Nashik Municipal Corporation underscores our capabilities to provide cutting-edge and reliable EV charging solutions for cities across the nation,” reported India.com.
The Servotech Power Systems Ltd. is an NSE-listed organisation that develops tech-enabled electric vehicles Charging solutions, leveraging their more than two decades of expertise and experience in the electronics space.
