Exicom backs an emerging EV Charging concept - EV Charging on Wheels

Exicom Tele-Systems Limited (BSE: 544133 |NSE: EXICOM), one of India's leading EV charging and critical power solutions manufacturer, today announced that it backed Charger on Wheels, a mobile EV charging startup. With Exicom's backing as a technology enabler, Charger on Wheels will test out and scale Mobile EV charging - an emerging and important piece in the EV charging ecosystem.

This partnership with Exicom will enable Charger on Wheels to strengthen their technology platform and make early inroads in the market with country's leading developers and facility management companies, laying the groundwork for scale-up across markets.

For Exicom, the move aligns with a broader vision to further strengthen the electric mobility ecosystem by supporting innovative and user-centric charging solutions. By encouraging new business models that complement existing infrastructure, this initiative helps accelerate the adoption of practical, user-friendly charging solutions, which will greatly contribute towards EV adoption in India.

This partnership builds on Exicom's earlier collaborations to boost the EV ecosystem. Over the last few months, the company has announced partnerships with Germany-based Hubject for interoperability, with Ionage for an integrated Charger Management System and with Mufin Green Infra to provide turnkey solutions to customers. The underlying intent behind all these partnerships has been to get new EV charging technologies to the fore.

"Seamless charging infrastructure is crucial for EV adoption and we need newer formats that address the pain points of EV users. One such pain point is grid readiness for EV charging setup specially in urban areas. To solve this, we need a Capex-light solution that can serve this need. Mobile EV charging or Charger on Wheels can help bridge this gap", said Anant Nahata, Managing Director and CEO, Exicom. Commenting on the partnership with Charger on Wheels, he added "We have always looked at strengthening the EV ecosystem and this move strongly aligns with that intent."

Commenting on the development, Anil Kumar, Founder of Charger on Wheels, said: "This backing comes at a pivotal time as we work to expand our mobile EV charging fleet and strengthen our technology platform. Although we are in the early stages, we have already forged partnerships with leading developers for residential charging via mobile vans. With limited grid availability in urban India and fire safety norms restricting EV chargers in basements, Charger on Wheels taps a significant opportunity to enhance the EV charging experience."

Shares of Exicom Tele-Systems Limited was last trading in BSE at Rs. 164.05 as compared to the previous close of Rs. 145.10. The total number of shares traded during the day was 1373209 in over 18184 trades.

The stock hit an intraday high of Rs. 168.15 and intraday low of 144.10. The net turnover during the day was Rs. 220892590.00.

Source : Equity Bulls

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