Shares of Servotech Power Systems Ltd. surged nearly 3% on December 9, following the company’s announcement of a strategic partnership with LESSzwei GmbH (LESS2). The collaboration aims to develop innovative, 100% solar-powered EV charging infrastructure for micromobility vehicles, such as e-bikes, e-scooters, and e-cargo bikes, in Germany’s urban areas.
The project, named “EnerMAAS,” will transform existing photovoltaic systems and energy storage into sustainable charging stations, known as “BIKE-Ports,” which will provide self-sufficient energy for 24/7 charging. Each station will have the capacity to charge four two-wheelers simultaneously, with a total output of 3.3 kW. The initiative has received grant financing from Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK) and is slated to run for 2.7 years.
Servotech will be responsible for manufacturing and supplying these solar-powered stations, while LESS2 will handle AI-driven energy management and app development. The first 100 systems will be deployed across 50 cities in Germany, with two stations in each city.
The news of the partnership has bolstered investor confidence, reflecting in the rise of Servotech’s stock, which has gained nearly 3% today.
Stock Performance:
- 1 Day: +2.60%
- 5 Days: +4.01%
- 1 Month: -2.04%
- 6 Months: +122.10%
- Year to Date: +136.84%
- 1 Year: +138.80%
- 5 Years: +21.91K%
- All Time: +5.99K%
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