Servotech Power Systems Enters EV Charging Operator Business, To Set Up 5,000 Chargers
Servotech Power system has forayed into electric vehicle (EV) charging business. The company which was providing EV chargers to various oil marketing companies and EV charging station providers so far has now decided to start its own business of EV charging. It has set up a wholly owned subsidiary called Servotech EV Infra which will act as Charging Point Operator (CPO) to establish charging stations.
Currently, Servotech provides EV chargers to various oil marketing companies and EV charging station providers and now with its new subsidiary, it aims to further augment the EV charging infrastructure landscape.
As part of its future plans, Servotech Power Systems will manufacture and supply EV chargers to Servotech EV Infra and in turn act as a charge point operator for these chargers. It estimates the EV charging market to grow rapidly in the coming years.
Raman Bhatia, Founder and MD, Servotech Power Systems said, “Our company has consistently led the way in innovating within the EV charging sector and the creation of Servotech EV Infra is a natural progression in our journey. The recent expansion into the EV CPO business with Servotech EV Infra reflects our dedication to playing an important role in advancing the EV infrastructure landscape, catering to the growing number of EVs in the country.”
Servotech EV Infra aims to establish 5,000 EV charging stations across the country in the coming years, which will result in the creation of a robust EV charging infrastructure, ultimately leading to the development of sustainable transportation.
Charging Stations In India
As per the data available with Bureau of Energy Efficiency (BEE), a total of 6,586 Public Charging Stations (PCS) are operational in the country as on March 21, 2023 of which 419 Public EV charging stations are operational on national highways.
EV Market Size In India
The Indian automobile industry is the third largest in the world. As per India Energy Storage Alliance (IESA), the Indian EV industry is expected to expand at a CAGR of 36 per cent. As population rises and demand for vehicles grow, dependence on conventional energy resources is not a sustainable option as India imports close to 80 per cent of its crude oil requirements.
NITI Aayog aims to achieve EV sales penetration of 70 per cent for all commercial cars, 30 per cent for private cars, 40 per cent for buses and 80 per cent for two and three-wheelers by 2030. This is in line with the goal to achieve net zero carbon emission by 2070.
The Indian EV Industry is slowly gathering momentum, supported by government initiatives and rise in crude oil prices, as people look for alternative sources to reduce their monthly bills. However, a mass shift from internal combustion engine (ICE) vehicles to EVs requires expansion of infrastructure facilities, including charging stations, and vehicles that could provide a higher range. Several initiatives taken by the government to support the manufacturing and adoption of electric vehicles in the country should help in achieving the target of a 100 per cent EV adoption by 2030.