Servotech Power Systems: Pioneering the Future of EV Charging in India
In a groundbreaking move, Servotech Power Systems Ltd., India's leading EV charger manufacturer, has set its sights on revolutionizing the electric vehicle (EV) charging landscape. The company has officially announced the establishment of its wholly owned subsidiary, Servotech EV Infra Pvt. Ltd., dedicated to venturing into the EV Charge Point Operator (CPO) business. With a vision to propel the nation towards sustainable energy practices, Servotech aims to deploy a remarkable 5000 EV charging stations across India in the coming years.
A Strategic Shift: Servotech EV Infra Pvt. Ltd.
Servotech Power Systems will play a pivotal role in this ambitious endeavor by manufacturing and supplying top-of-the-line EV chargers to Servotech EV Infra. Acting as a Charge Point Operator for these stations, Servotech is committed to ensuring seamless, reliable, and accessible charging solutions for the growing EV market in India.
The Visionary Behind the Move
Commenting on this strategic development, the Founder and Managing Director of Servotech Power Systems Ltd., Raman Bhatia, emphasized the subsidiary's alignment with their overarching mission. Bhatia stated, "This subsidiary seamlessly integrates with our mission of providing reliable and accessible charging solutions, addressing the critical need for a well-developed charging network to support the EV market."
Diversification for a Sustainable Future
Servotech Power Systems is evidently on a diversification spree, as highlighted by its earlier announcement regarding Techbec Green Energy Private Limited. This subsidiary is actively engaged in the manufacture of EV charging components, including crucial elements such as CCS2 guns, Type 2 guns, connectors, PLC modules, control cards, and Lithium-Ion batteries. Recognizing the shortage of these components in the market, Servotech is poised to make a significant impact by contributing to the local manufacturing of these vital EV charging elements.
Global EV Charging Trends
Public charging infrastructure is undeniably a key enabler for widespread EV adoption. As of 2022, there were an impressive 2.7 million public charging points worldwide, with over 900,000 installations in the same year. This marks a substantial 55% increase compared to the previous year and is on par with the pre-pandemic growth rate. Notably, more than 600,000 public slow charging points were installed in 2022, with China accounting for a significant portion of this growth.
The Indian Context
India, too, is witnessing a surge in EV adoption, with the government setting an ambitious target of making 30% of all vehicles electric by 2030. Recognizing the critical role of public charging infrastructure, Servotech Power Systems is strategically positioning itself to be a frontrunner in this transformative journey.
Addressing Component Shortages
One of the challenges hindering the rapid expansion of EV charging networks is the shortage of essential components. Servotech Power Systems acknowledges this bottleneck and is proactively addressing it through its subsidiary, Techbec Green Energy Private Limited. By manufacturing components like CCS2 guns, Type 2 guns, connectors, PLC modules, control cards, and Lithium-Ion batteries locally, Servotech aims to contribute significantly to overcoming this challenge.
The Global Scenario vs. India
While global trends indicate substantial growth in public charging infrastructure, India has unique challenges and opportunities. The country has been heavily reliant on imports to meet the demand for EV charging components. Servotech's move towards local manufacturing not only addresses the current shortages but also aligns with the government's 'Make in India' initiative.