Servotech secures contract to set up EV charging stations from Nashik Municipal Corporation - Details
Earlier, Servotech Power Systems arm Servotech EV Infra raised Rs 12 crore by diluting 6 per cent equity at a pre-money valuation of Rs 200 crore.
Green charging solutions provider Servotech Power Systems Ltd has secured a contract for supplying, commissioning, and constructing of electric vehicle (EV) charging stations throughout the Nashik Municipal Corporation area. According to an exchange filing, the company will be building 20 EV charging stations as part of this contract.
"Servotech will oversee the installation, supply, commissioning, construction and maintenance of EV charging stations, catering to various vehicles and substantially improving Nashik's EV charging network, the company said in an exchange filing.
Earlier, Servotech Power Systems' arm Servotech EV Infra raised Rs 12 crore by diluting 6 per cent equity at a pre-money valuation of Rs 200 crore. This investment will fuel the initial phase of Servotech EV Infra's growth plans, the company said.
The company has secured strategic equity dilution of 6 per cent and raised Rs 12 crore at a pre-money valuation of Rs 200 crore, it said.
Servotech EV Infra further said it will establish proof of concept sites at 10 strategic locations in north India within 100 days.
Each EV charging station will cost Rs 15-25 lakh, depending on the charger capacity and the number of chargers installed.
The company also said Prem Prakash was being appointed as its Chief Executive Officer (CEO) and Neeraj Gupta as its AVP Operations.
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