New Delhi: Servotech Power Systems Ltd., a 20 year old manufacturer of renewable energy solutions, has launched new products under its solar business division and announced upcoming business plans to strengthen its position in the market.
The company has introduced a new series of high-tech ranges of solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar Pump controllers to create its strong presence in the solar industry.
Along with that the company is planning to build 12,000 unit annual production capacity for chargers by 2025, said Raman Bhatia, Founder and Managing Director during the launch event.
Currently, the company which has received 60% of EV chargers business from PSUS from all OMCs is also planning to cater to the 40% Indian OEM charger market by 2026.
To meet the rising demand in the market, the company is also going to open its new manufacturing facility for EV chargers and solar products in Haryana by next year, stated Bhatia.
EV charging infrastructure biz
To diversify its portfolio in renewable energy solutions the company has launched its subsidiary brand, IncharZ, which focuses on EV charging infrastructure. This year old brand has already established 15 stations till now and targets 100 more stations by CY26, Prem Prakash, CEO, Incharz (Servotech EV Infra Pvt Ltd) told ETAuto.
The company is aiming to rev up its position through three ideas; first, looking at the best location with profitability rather than the number of stations. These stations should attain profitability in the coming 3 years.
Second, the technology implied should provide customer satisfaction. For which InchargZ aims to provide basic necessities like spending their time out there while the vehicle gets charged.
Third, till now the company has not infused any monetary investment in marketing, though they are planning to do so now.
However, the hurdle for expansion of EV charging infra till now has been government policies which vary state to state, added Prakash. “Execution of EV policies from local authorities or people who are at the help has not been that great … setting up a station, having a charger is all in our control, but getting an EV connection from the DISCOMS has been quite hard.”
Future strategy
To meet the above mentioned targets, the company is also planning to launch solar products and mobile apps for enhanced customer satisfaction by 2025.
The company is also soon going to venture into hydrogen production for which it has built an SRI Team. However, in the coming year it aims full fledged production for the hydrogen technology domain with approximately INR 1,500 crore investment.
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