Servotech Power Systems and IIT Roorkee Join Forces to Revolutionize India’s EV Industry
On the 18th of October 2023, Servotech Power Systems Ltd. (SPSL), India’s prominent electric vehicle (EV) charger manufacturer, made a significant announcement in compliance with SEBI (Securities and Exchange Board of India) regulations. The announcement was addressed to the National Stock Exchange of India Limited and pertained to a pivotal collaboration with the Indian Institute of Technology Roorkee (IIT Roorkee).
In this collaborative endeavor, SPSL and IIT Roorkee signed two Memorandums of Understanding (MOUs) with the objective of advancing the development of advanced rectifier units for CCS2 chargers and Onboard EV chargers, specifically designed for two, three, and four-wheeled vehicles.
These rectifier units play a crucial role in CCS2 chargers and are currently being imported into India. The collaboration aims to bolster domestic manufacturing capabilities, thus supporting the growth of the domestic EV industry. The Onboard EV charger, a compact and lightweight device intended for direct installation on two-three and four-wheelers, eliminates the need for a separate charger and enhances the user-friendliness of electric vehicles. The collaboration is expected to position SPSL as a leading Original Equipment Manufacturer (OEM) supplier in the charger market for these vehicle categories.
Raman Bhatia, the Managing Director of Servotech Power Systems, emphasized the immense potential of the Indian market for two-three and four-wheeled chargers. He pointed out the current dominance of Chinese components and how this collaboration would enable Servotech to become a leading OEM supplier, offering chargers tailored specifically for the Indian EV market. He reiterated the company’s commitment to realizing the ‘Make in India’ concept and promoting sustainable technologies in the EV ecosystem. Bhatia also underlined the importance of collaboration with IIT Roorkee in their mission to make India self-reliant and establish Servotech as a global leader in the EV industry.
Prof. Mukesh Pathak, the Principal Investigator in the Department of Electrical Engineering at IIT Roorkee, expressed his enthusiasm for the partnership. He stated that the collaboration reflects IIT Roorkee’s commitment to developing innovative and indigenous solutions for the Indian EV industry. He believes that the EV charging technology emerging from these collaborations will play a pivotal role in accelerating the adoption of electric vehicles and transforming the way India thinks about transportation and energy consumption.
This announcement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is considered essential and relevant for stakeholders, investors, and the broader financial community. It underscores the commitment of Servotech Power Systems and IIT Roorkee to drive innovation and growth in the Indian EV sector.
In summary, the collaboration between Servotech Power Systems and IIT Roorkee represents a significant milestone in the evolution of India’s electric vehicle industry, with the potential to shape the future of sustainable transportation in the country.