Servotech Share Price Surges On Solar EV Charger Deal In Germany
Servotech share price rose as much as 4.01% during the day to Rs 189.67 apiece on the NSE.
Servotech Power Systems' share price rose 4% intraday after the company announced a strategic partnership with Germany-based LESSzwei GmbH (LESS2) to develop and deploy solar-powered electric vehicle charging infrastructure in Germany.
The collaboration, detailed in an exchange filing, focuses on micromobility solutions, including e-bikes, e-scooters, and e-cargo bikes. The project, titled "EnerMAAS," will transform existing photovoltaic systems and energy storage units into innovative charging points, referred to as BIKE-Ports. Each station will be capable of charging four two-wheelers simultaneously, using 100% solar energy, with a total output of 3.3 kW.
The initiative is supported by the German Federal Ministry for Economic Affairs and Climate Action through grant financing, with a timeline of 2.7 years. Servotech will manufacture and supply the solar-powered EV chargers, while LESS2 will handle app development and AI-driven energy management. Initially, 100 stations will be deployed across 50 German cities.
Raman Bhatia, Managing Director of the company, said the partnership aligns with the company’s mission to promote sustainable energy solutions globally. "We are confident that the EnerMAAS project will revolutionise the way micromobility is powered in German urban areas," he added.
Servotech Power Systems is an Indian EV charger manufacturer with a strong presence in the solar and EV infrastructure space. The company offers a range of AC and DC chargers which are compatible with different EVs and serve both commercial and domestic applications.
Servotech share price rose as much as 4.01% during the day to Rs 189.67 apiece on the NSE. It was trading 2.92% higher at Rs 187.69 apiece, compared to a 0.06% decline in the benchmark Nifty 50 as of 12:11 p.m.
It has risen 140.18% in the last 12 months and 144.77% on a year-to-date basis. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 58.57. There are no analysts tracking the stock.
