Servotech Powers Up: Investing $36.2M in EV Charger Factory
- Servotech Power Systems announces $36.2m investment to set up EV charger factory in Uttar Pradesh, India, generating up to 500 jobs and 10,000 EV DC Fast chargers per year.
Servotech Power Systems recently announced an investment of $36.2 million to set up an electric vehicle (EV) charger factory in Uttar Pradesh, India. The initiative is in line with the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022 and is expected to generate up to 500 local jobs. The factory will focus on producing 10,000 EV DC Fast chargers per year for both the domestic and export markets, catering to the growing demand for EV charging infrastructure in India.
The investment signifies Servotech’s commitment to supporting sustainable transportation and reducing carbon emissions. It will also support the development of the EV ecosystem in Uttar Pradesh and contribute to job creation, the local economy, and the transition towards a greener future.
What Is the Impact of Servotech's $36.2 Million Investment for EV Chargers in Uttar Pradesh?
- The investment of $36.2 million in an EV charger factory in Uttar Pradesh is expected to create up to 500 local jobs.
- The factory will produce 10,000 EV DC fast chargers per year for both domestic and export markets, catering to the growing demand for EV charging infrastructure in India.
- The investment signifies Servotech’s commitment to supporting sustainable transportation and reducing carbon emissions.
- It will also support the development of the EV ecosystem in Uttar Pradesh, contributing to job creation and the local economy.
- It will help to reduce the cost of EV ownership and drive the transition towards a greener future.
- The investment will also provide a boost to the local economy, with increased spending on new materials and equipment.
- It could also open up new export opportunities for businesses in Uttar Pradesh, as the EV industry continues to grow.
