Servotech Power Systems has bagged a major order of 1800 DC Fast EV chargers from Bharat Petroleum Corporation (BPCL). The project valued at Rs 120 Crores will involve Servotech manufacturing, supplying, installing and strategically deploying these 1800 EV chargers across the nation," said the filing. In a significant stride towards fostering electric vehicle (EV) infrastructure in India, Bharat Petroleum Corporation Limited (BPCL) has announced a massive investment of Rs 120 Crore in deploying 1800 DC Fast EV Chargers.
Serovtech and BPCL had previously worked together to transform the E-Mobility landscape. The company also bagged an order to supply and install 2649 AC EV Chargers at different locations across the country for BPCL’s E-drive project. Servotech has already completed 36 per cent of supply and installation. The entire project will be completed by March 2024, said the company. Servotech Power Systems is into the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications.
1. BPCL's Vision for Sustainable Mobility: At the forefront of the energy industry, BPCL's dedication to sustainable mobility is shown by its investment in EV charging infrastructure.
2. The Significance of DC Fast EV Chargers: DC Fast Charging technology plays a crucial role in mitigating one of the primary concerns associated with EV adoption - charging time. The article delves into the significance of DC Fast EV Chargers,to explaining how they facilitate the rapid charging and to contribute and get overcoming the 'range anxiety' often to associated with the electric vehicles. As the backbone of the EV charging infrastructure, and also understanding the technological aspects of DC fast charging is to essential.
3. Addressing Range Anxiety: Range anxiety, the fear of running out of battery power before reaching a charging station, has been a hurdle in widespread EV adoption. BPCL's investment in 1800 DC Fast EV Chargers aims to address this concern.
4. The Geographical Spread: BPCL's investment is not limited to a particular region, signaling a commitment to creating a nationwide EV charging network. The article explores the geographical spread of the planned 1800 DC Fast EV Chargers,and to highlighting key cities, the highways, and the strategic locations where these alll are the chargers will be installed.
5. Collaborations and Partnerships: To expedite the deployment of EV charging infrastructure, collaborations and partnerships play a pivotal role. The article is also be investigates BPCL's collaborations with the government bodies, and other energy companies, and to the technology providers.
6. Boosting Consumer Confidence: The availability of a comprehensive and well-distributed EV charging network is instrumental in boosting consumer confidence.
7. Impact on EV Sales and Market Dynamics: BPCL's investment is expected to have a cascading effect on the EV market in India. The interplay between infrastructure development and consumer demand is a crucial aspect of the understanding and also evolving landscape of the Indian automotive industry.
8. Government Policies and Incentives: The environment for EVs is greatly influenced by laws and incentives. A thorough understanding of this alignment and also be offers to the insight into the joint efforts of the public and commercial sectors to promote environmentally friendly transportation.
The project encompasses two charger variants, 60 kW and 120 kW and Servotech aims to complete this extensive project by the end of 2024, contributing to the nation's evolving EV ecosystem, it said. Following the announcement, shares of Servotech Power Systems surged 5 per cent, hitting its upper circuit limit, to Rs 86.30 on Tuesday, commanding a total market capitalization of more than 1,800 crore. The scrip had settled at Rs 82.20 in the previous trading session. The stock has surged 425 per cent from its 52-week low at Rs 16.48 hit in March 2023.