Inverter-battery

Servotech Power Systems Q2 results: Net profit grows to Rs 11.2 cr

Servotech Power Systems on Monday reported over three-fold rise in consolidated net profit at Rs 11.24 crore in September quarter, aided by higher income. Its "net profit for the period" was at Rs 3.12 crore in the July-September period of preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income rose over two-fold to Rs 200.06 crore from Rs 86.59 crore in the year-ago period. In the April-September, the company has reported a two-fold rise in net profit to 15.73 crore from Rs 7.23 crore recorded in the six-month period last fiscal. In a separate statement, the company said it has introduced a new range of energy solutions. "High-tech range of solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar pump controllers have been brought in alignment with schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Scheme," the company said. The solutions targeting residential and commercial roof

Fire at South Korean battery unit kills 22, mostly Chinese migrant workers

A fire likely sparked by exploding lithium batteries swept through a manufacturing factory near South Korea's capital on Monday, killing 22 mostly Chinese migrant workers and injuring eight, officials said. The fire began after batteries exploded while workers were examining and packaging them at the second floor of the factory in Hwaseong city, just south of Seoul, at around 10:30 am, fire officials said, citing a witness. They said they would investigate the cause of the blaze. The dead included 18 Chinese, two South Koreans and one Laotian, local fire official Kim Jin-young told a televised briefing. He said the nationality of one of the dead couldn't be immediately verified. In the past few decades, many people from China, including ethnic Koreans, have migrated to South Korea to seek jobs. Like other foreign migrants from Southeast Asian nations, they often end up in factories or in physically demanding and low-paying jobs shunned by more affluent South Koreans. Kim also one .

Stock of this heavy electric equipment company has zoomed 82% in 5 days

The stock of heavy electric equipment company traded higher for the fifth straight day, and zoomed 82 per cent after the company reported strong March quarter earnings (Q4FY23)

Matter Energy, Luminous Power tie up to develop dual-purpose home inverter

Technology startup Matter Energy on Friday said it has entered into a strategic partnership with Luminous Power Technologies in the field of home inverters and stationary applications. The partners will work in the areas of low-voltage stationary energy storage solutions and develop a dual-purpose smart home dock inverter with IoT capabilities, Matter Energy said in a statement. The dock can be used for both mobility and domestic energy storage applications. This lithium-ion battery solution is built on the principles of battery swapping technology to power a two-wheeler and home inverter interchangeably, it added. "With Luminous' extensive presence and distribution network not only in India but also in South-East Asia and South Africa, we are optimistic that our collaboration will enable us to provide dependable and eco-friendly solutions to millions of Indian households," Matter Group Founder and CEO Mohal Lalbhai said. Luminous Power Technologies CEO Preeti Bajaj said Matters' .

Rising battery prices threaten to derail arrival of affordable EVs

There are several factors driving the uptick in prices, but the single most important one is rising costs for materials including cobalt, nickel and lithium

Exide Industries Q1 PAT reports six-fold rise to Rs 202.44 crore

Battery maker Exide Industries on Friday reported an over five-fold rise in consolidated net profit after tax to Rs 202.44 crore for the first quarter ended June 30, driven by higher revenue.

Electrification drive boosts inverter-battery industry

Sector expects 10% CAGR as more households get electricity connection