Servotech Power shares rise as the company files for two EV charger patents

Shares of Servotech Power Systems Ltd rose about 3 per cent during the trading session on Thursday after the company announced to file two patents for the EV charger technology. The company informed about the same through an exchange filing on Wednesday.

Servotech Power Systems Ltd has announced that it has filed two patents for the EV charger technology. These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72v/96VDC through a CCS2 connector using a small additional gadget, said the company in the exchange filing.

"These two patents will transform the EV charging infrastructure using two different methodologies, contributing to a robust, interoperable, and cost-effective EV charging ecosystem," the filing said.  The GB/T Bharat DC 001 standard is a fast-charging standard for electric vehicles that is widely used in India.

Following the announcement, shares of Servotech Power Systems surged about 3 per cent to Rs 78 on Thursday, with a total market capitalization of more than Rs 1,650 crore. The scrip had settled at Rs 76.05 apiece in the previous trading session on Wednesday.

"The innovative move will also eliminate the need for dual infrastructure expenses by empowering users to charge GB/T Bharat DC 001 vehicles through widely available CCS2 chargers in the country," it added.

It will also benefit fleet services and vehicles like small trucks or lorries adhering to the GB/T Bharat DC 001 protocol by enabling charging via widespread CCS2 chargers, said Servotech's filing. These vehicles can access charging through the more abundant CCS2 chargers.

Earlier this year, Servotech Power had also filed two patents intending to facilitate grid service optimization through a battery energy storage system and to effectively channel renewable energy into BESS for maximum value, enabling the transition to sustainable energy.

NSE-listed Servotech Power Systems is into the business of development of tech-enabled EV charging solutions leveraging their over two decades of experience and expertise in the electronics space. It offers extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic

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