Electric vehicles charger manufacturer Servotech Power Systems has signed a memorandum of understanding (MoU) with Kuwait-based EMCOR Power Solutions to establish charging stations in Kuwait.
In July, Servotech Power Systems announced its plans to produce EV charger components and lithium-ion batteries.
Under the MoU, Servotech Power Systems and EMCOR Power Solutions will develop 1,000 EV charging stations that will be installed across various districts in Kuwait.
“EMCOR Power Solutions commits to providing 1,000 charging power operators (CPO) sites in Kuwait as part of the MoU. These sites will serve as the foundation for the installation of EV chargers as outlined in the agreement,” said Servotech in a statement.
The company will manufacture and install 30kW to 60kW and higher capacity DC fast EV chargers to accommodate different power requirements. The project will be executed in phases.
“The aim of the MoU is to accelerate the nationwide adoption of electric vehicles by developing a technologically advanced EV charging infrastructure,” said Raman Bhatia, MD of Servotech Power Systems.
EMCOR Power Solutions is a subsidiary of EMCOR International, a Kuwait-based company operating in the oil and gas industry.
Meanwhile, the equity shares of NSE-listed Servotech Power Systems increased by nearly 1.50% to 74.90 apiece. The company has delivered a multibagger return of over 300% in the past year.