Modison Metals Board approves growth plan into Battery Energy Storage System and EV Charging Infrastructure

Modison Metals Limited (BSE Code: 506261, NSE Code: MODISNME), manufacturer of electrical contacts, announced Board approval to enter into MoU with RENERA and LDrive LLC (L-Charge) respectively for trading, assembly & manufacturing of Battery Energy Storage System (BESS) and Electric Vehicle (EV) charging infrastructure in India. BESS technology enables energy storage systems for emergency power supply, renewable energy resources and smoothing of load demand on the electricity grid. EV charging infrastructure enables rapid adoption of Electric Vehicles in a seamless manner.

BESS and EV charging infrastructure are growth sectors globally and in India. This MoU will mark India's entry into indigenous manufacturing of these growth opportunities under the Make in India & Atamnirbhar programmes.

Commenting on the development, management team of the Company said, "We are excited by the Board's decision to approve the business expansion plan into Battery Energy Storage System and EV charging Infrastructure. We foresee high growth opportunities in these sectors given the promise of clean energy backed by the Government push in these sectors. This will also facilitate India's efforts to become a net zero carbon emissions country by 2070. RENERA and LDrive(L-Charge) are leaders in their respective segments. We expect our own domain expertise in manufacturing coupled with these MoU's will enable us to scale our business to greater heights in the long term."

Shares of MODISON METALS LTD. was last trading in BSE at Rs. 75.80 as compared to the previous close of Rs. 76.25. The total number of shares traded during the day was 73434 in over 1421 trades.

The stock hit an intraday high of Rs. 83.05 and intraday low of 74.00. The net turnover during the day was Rs. 5740748.00.

Source : Equity Bulls

Keywords

MODISONMETALSLTD INE737D01021 MoU RENERA