Spark Minda acquires stake in start-up making EV charging products
The strategic partnership will allow Spark Minda to capitalise on the accelerating shift to electric mobility and improve its position as a one-stop shop for comprehensive charging solutions for EVs including fast charging feature.
Minda Corporation (MCL), through its subsidiary Spark Minda Green Mobility Solutions, has entered into definitive agreements for acquiring 26 percent equity stake in EVQPOINT Solutions, a start-up working on EV charging solutions.
With this investment, the Spark Minda Group will become EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. The strategic partnership will allow Spark Minda to capitalise on the accelerating shift to electric mobility and improve its position as a one-stop shop for comprehensive charging solutions for EVs including fast charging feature.
EVQPOINT product portfolio includes electric vehicle portable chargers, DC fast chargers, and smart charging stations integrated with charge management system, mobile app, and interoperable tools. The company caters to needs of OEMS, battery manufacturers and establishment of vehicle charging networks for fleets, workplaces, homes, commercial complexes, and any urban infrastructure such as educational institutions, hospitals, and public parking lots.
Aakash Minda, executive director, Minda Corporation said, “Spark Minda Group has been investing in new technologies for sustainable growth. Our partnership with EVQPOINT is meant to strengthen the group’s EV Supply Equipment (EVSE) portfolio and offer battery chargers for both onboard and offboard configurations in the range of 250 W to 6.6 KW, with a roadmap for further range expansion. The group would continue to build capabilities catering the entire EV value chain by developing future-ready product line, technologies and solutions, to harness the vast opportunity in electric mobility space in India.”
Latif Ameer Babu, CEO and co-founder, EVQPOINT said, “We are excited to join hands with Spark Minda, a leading Indian Tier-1 automotive parts brand. Over the years, Spark Minda Group has established itself as a provider of quality technology and solutions to OEMs around the country. Now, with this partnership we are laying the foundation to assume a leadership position in the rapidly-growing EV charging ecosystem.”
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