Tata Power, Tata Motors shares rise after deal on fast-charging stations

Shares of Tata Power advanced 2 per cent in Friday's trade while that of Tata Motors Ltd also gained after Tata Power EV Charging Solutions signed a Memorandum of Understanding (MoU) with Tata Motors to set up 200 fast-charging stations for electric commercial vehicles (CV) in metros cities such as Mumbai, Delhi, Chennai, Bengaluru and Kolkata. 

In a filing to stock exchanges, Tata Power said the strategic move expands its ongoing collaboration with Tata Motors, in providing sustainable mobility solutions, with a focus on easy charging solutions for small electric commercial vehicles.

Tata Power EV Charging Solutions is a subsidiary of Tata Power Renewable Energy, which itself is a subsidiary of Tata Power. 

Following the development, Tata Power shares climbed 1.87 per cent to hit a high of Rs 448.05 on BSE. Tata Motors shares were up 1.31 per cent at Rs 999 apiece.

As part of this initiative, Tata Motors and Tata Power will provide exclusive charging tariffs for Tata Motors' electric CV owners, resulting in lower operating costs. Electric CV users across India will benefit from access to 1,000 strategically-located fast chargers, with the planned expansion of the charging network, Tata Power said.

CEO & MD at Tata Power Renewable Energy, Deepesh Nanda, said, "With one of the largest EV charging networks across the country, Tata Power has been enabling electric vehicle owners through its reliable and accessible charging solutions across the country. Already present across diverse segments such as public, semi-public, bus/fleet, and home chargers, we are expanding to the commercial vehicle charging segment, delivering integrated EV charging solutions."

"It has been our endeavour to not only engineer and manufacture worldclass electric vehicles, but also help develop the necessary ecosystem to democratize the use of these eco-friendly and emission-free vehicles. This partnership will also explore avenues to maximize the use of renewable energy to make electric vehicle operations greener,” Vice President & Business Head at Tata Motors, Vinay Pathak, said.