UNO Minda edges higher after signing technical pact with EVSE-maker Starcharge

UNO Minda added 2.51% to Rs 664.80 after the company announced the signing of a technical license agreement (TLA) with Starcharge Energy for manufacturing and selling electric vehicle supply equipments (EVSE) in India.

The EVSE comprises of wall-mounted AC chargers designed for convenient home charging. These chargers are usually sold along with electric vehicles to the customers by the OEMs to provide ease of charging at home. With this partnership Uno Minda further builds up on its EV-specific product portfolio for the passenger car market.

StarCharge, a global leader in electric vehicle charging infrastructure and microgrid solutions, operates in 67 countries & regions with manufacturing facilities in USA, Vietnam, and China. With millions of electric vehicle charging stations installed worldwide, StarCharge is at the forefront of providing charging solutions for diverse applications, ranging from private homeowners to commercial charging to electric fleet usage.

StarCharge has been a strategic partner of 60+ well-known OEMs and multiple renowned energy companies globally.

As the demand for electric vehicles continues to rise, the need for efficient and reliable EV charging solutions becomes paramount. Limited public charging infrastructure is a current obstacle for EV adoption. Besides cost and speed, the waiting time for the vehicle charging at the public charging stations are the least satisfying aspects. Consequently, most EV charging demand globally has been met at home or at work and not by publicly accessible chargers, according to the International Energy Agency.

Uno Minda in partnership with Starcharge aims to revolutionise such home charging solution paving the way for faster cleaner mobility adoption in India.

Nir111al K Minda, CMD, Uno Minda Group, said; "Uno Minda is proud to announce the expansion of its electric vehicle (EV) portfolio into the passenger car segment through this strategic partnership with StarCharge, a global leader in EV charging solutions."

Uno Minda is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. The company is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.

The companys consolidated net profit jumped 19.43% to Rs 193.46 crore on 20.83% increase in net sales to Rs 3,522.91 crore in Q3 FY24 over Q3 FY23.

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