Servotech Power Systems Dominates EV Charging Market in India, Secures Major Order from IOCL
Servotech Power Systems Ltd., an industry leader in India’s burgeoning electric vehicle (EV) charging ecosystem, has achieved a significant breakthrough with a substantial new order.
Based in Delhi and recognized for its cutting-edge approaches in energy management and EV charging solutions, the company has secured a prestigious contract. This agreement involves the supply of 1,400 DC fast EV chargers and carries a value of around $13.4 million. The contract was awarded by Indian Oil Corporation Limited (IOCL) and several other leading EV charger Original Equipment Manufacturers (OEMs), underscoring Servotech’s pivotal role in shaping India’s EV charging infrastructure.
Achieving Industry Dominance
Since launching its commercial operations in the fiscal year 2019, Servotech has rapidly risen to the forefront of India’s electric vehicle (EV) charging solutions market. Its strategic focus on two main business segments—essential power solutions and EV charging infrastructure—has cemented its status as an influential force within the sector.
By March 31, 2023, Servotech had secured a dominant 60% market share in the residential charging arena and a 25% share in the public charging sector, positioning itself as a pioneer among India’s EV charger manufacturers.
Growth Fueled by Cutting-Edge Innovation
The rise of Servotech Power Systems in the market is a direct result of its unwavering commitment to pioneering innovation and maintaining high standards of quality. Within its critical power solutions division, the company excels in creating, producing, and maintaining DC power systems along with Li-ion-based energy storage solutions, optimizing energy usage in telecommunication setups and corporate settings. On the front of EV supply equipment solutions, Servotech distinguishes itself by offering advanced smart charging systems for a range of applications, including residential, commercial, and public charging. This comprehensive strategy towards energy solutions and EV charging facilities uniquely positions Servotech as a leader, clearly differentiating it from competitors in the field.
The Impact of the IOCL Contract
The recent contract awarded by IOCL and various OEMs is a testament to the burgeoning demand for EV charging solutions within India, showcasing the confidence and reliance that industry stalwarts place in Servotech. This contract, involving the provision of two types of EV chargers – 60 kW and 120 kW – demonstrates Servotech’s adeptness at meeting the varied requirements of the rapidly advancing EV charging sector. Not only does this agreement solidify Servotech’s standing in the marketplace, but it also marks a pivotal moment in India’s shift towards adopting sustainable transport solutions.
This expansion of Servotech’s role in the EV charging industry speaks volumes of its dedication to innovation and ecological sustainability, setting the stage for a more environmentally friendly future. Furthermore, it indicates the growing preparedness of the Indian market to embrace electric vehicles, spurred by the evolution of charging infrastructure and technological enhancements. As Servotech spearheads this movement, it accelerates India’s progress towards a sustainable and efficient transport ecosystem, heralding a future filled with promising prospects.