Servotech Power shares hit upper circuit as company files for patents

Shares of Servotech Power Systems hit upper circuit on Wednesday after the company filed two patents for energy management technologies in order to facilitate grid service optimization through a battery energy storage system and to effectively channel renewable energy into BESS for maximum value.

Shares of Servotech Power Systems hit an upper circuit of 5 per cent to Rs 78 on Wednesday, commanding a total market capitalization close to Rs 1,700 crore. From the day's low at Rs 73.75, the stock was up 6 per cent. However, the EV chargers and solar solutions provider's stock had settled at Rs 74.30 in the previous trading session.

The new patent will enable the transition to sustainable energy. These innovations will transform energy management and will improve overall efficiency, said the NSE listed entity. According to the company, these technologies possess applicability across a broad spectrum of fields, including solar and electric vehicle charging systems.

The first patent, which is titled 'System and Method for Controlling Load Shifting by Third Party' relates to a system and method for enabling third-party entities to control load shifting in a Battery Energy Storage System (BESS). The technology allows third-party entities, such as utilities or aggregators, to optimize the use of BESS assets to provide grid services, said the exchange filing.

"The second patent, which is named as 'System and Method for Effective Energy Channelization from a Renewable Energy Source' relates to a system and method for effectively channelling energy from a renewable energy source, into a BESS. The technology optimizes the use of renewable energy by ensuring that it is stored in the BESS when it is most valuable," it added.
 

Servotech Power Systems have rallied about 170 per cent in the last six months, while the stock has delivered a return of more than 375 per cent in the year 2023 so far.  New Delhi-based Servotech Power Systems is a leading manufacturer and distributor of EV charging solutions and solar products.

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