EV stock engaged in designing, manufacturing, and servicing DC Power systems and Li-ion-based energy storage solutions jumped upto 9 percent in the day’s trade upon entering into a strategic partnership with Hubject to improve the EV Infrastructure experience in India.
With a market capitalization of Rs. 4,162 Crores, the shares of Exicom Tele-Systems Limited were trading at Rs. 344.75 per equity share, up 4.53 percent from its previous day’s close price of Rs. 329.80
Exicom Tele-Systems Limited and Hubject which is the EV Interoperability market leader, have entered into a strategic partnership. The main intent of the partnership is to use Hubject’s innovative interoperability technology to improve the charging experience for EV drivers in India.
It includes Hubject’s intercharge platform, which will make it easier for EV drivers to find and charge points and then simply charge when needed, enable fully automated charging capabilities, and produce the first Plug&Charge standard in India, making India one of the leaders in this standard in the region.
Hubject’s interoperability technology simplifies the charging process by enabling EV drivers to locate, access, and pay for charging services through their interface of choice, regardless of the operator.
This eliminates the need for multiple memberships and payments, allowing for a smoother and more user friendly experience. Drivers can effortlessly roam between different CPOs, much like mobile phone users roam between networks, ensuring that EV charging is as straightforward as filling up a traditional car with fuel.
Hubject CEO, Christian Hahn, stated that “The EV market in India is seeing explosive growth. Last year sales nearly doubled and this year they are expected to rise by 66 percent. This strategic partnership with Exicom and the introduction of Hubject’s intercharge platform aims to support this massive growth by making the charging experience easier and more reliable for EV drivers.
This is an important step in encouraging more drivers in India to make the switch from cars using fossil fuel to EVs.” Mr Hahn added: “This partnership is good news for Hubject, Exicom, and EV drivers in India, and it’s also a big step forward in our strategic aim of having Plug&Charge everywhere.”
Anant Nahata, CEO of Exicom, stated “Addressing the challenges of reliability and seamless EV charging experience in the Indian market is crucial. Our partnership with Hubject aims to provide a frictionless charging experience for EV users. The establishment of a central interoperability hub will further streamline payment settlements and reduce dependence on multiple wallets, ensuring a smoother experience for EV users nationwide.”
Exicom Tele-Systems Limited is a power management solutions provider that designs, manufactures, and services DC Power systems and Li-ion-based energy storage solutions. It provides overall energy management solutions at telecommunication sites in India as well as overseas
In the critical power segment, it has a market share of 16 percent in the DC power Systems and 10 percent in the Li-ion Battery applications for the telecom sector market. It has a market share of 60 percent and 25 percent in the residential and public charging segments. The business spans India, Southeast Asia, and Africa
Its revenue grew by 111 percent from Rs. 185.47 Crores in Q4FY23 to Rs. 297.54 Crores in Q4FY24, accompanied by profits of Rs. 19.83 Crores to Rs. 30.99 Crores.
Written by: Bharath K.S
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