Strategic Partnership between Hubject and Exicom Aims to Fuel Further Growth in India’s Booming EV Market

Hubject, the leading player in EV Interoperability, has forged a strategic partnership with Exicom, India’s largest EV charger manufacturer and a trusted partner for global automobile leaders, charge point operators, and other ecosystem players. The collaboration aims to enhance the EV charging experience in India through Hubject’s innovative interoperability technology, particularly its interchange platform. This platform will simplify the process for EV drivers to find, access, and pay for charging services seamlessly across different operators.

Specifically, the partnership will focus on integrating Hubject’s Plug & Charge platform, establishing a regional Indian hub. This initiative aims to:

• Enable industry-leading global technology.
• Support local charge point operators (CPOs) based on ISO15118 standards.
• Enable fully automated charging capabilities.
• Establish India’s first Plug & Charge standard, positioning India as a leader in this technology in the region.

This means that EV drivers in India will be able to plug in and charge instantly using automatic EV-to-charging station authentication technology, without needing an app or RFID card.

Christian Hahn, Hubject CEO, said: “The EV market in India is seeing explosive growth. Last year sales nearly doubled and this year they are expected to rise by 66%. This strategic partnership with Exicom and the introduction of Hubject’s interchange platform aim to support this massive growth by making the charging experience easier and more reliable for EV drivers. This is an important step in encouraging more drivers in India to make the switch from cars using fossil fuel to EVs.” Mr Hahn added: “This partnership is good news for Hubject, Exicom and EV drivers in India, and it’s also a big step forward in our strategic aim of having Plug & Charge everywhere.”

About Exicom Tele-Systems Limited

Incorporated in 1994, Exicom Tele-Systems Limited specializes in power systems, EV charging, and related solutions. The company has three manufacturing facilities in India located at Solan, Himachal Pradesh, and Gurugram, Haryana, with an annual capacity of 12,000 DC power systems and 44,400 AC chargers and DC fast chargers.

Exicom operates in two primary business divisions:

1. Power Systems: The company provides Critical Power Business solutions, delivering energy management at telecommunications sites and enterprise environments through DC Power Systems and Li-ion-based energy storage solutions. As of H1FY24, Exicom has deployed 470,810 Li-ion batteries with a storage capacity exceeding 2.10 GWH.
2. EV Charging Solutions: Exicom is a pioneer in India’s EV charger manufacturing segment, offering both slow charging solutions (AC chargers for residential use) and fast charging solutions (DC chargers for business and public charging networks). As of H1FY24, the company had installed over 61,000 EV chargers across 400 locations in India.

Exicom’s market shares are significant in both the power systems and EV charger segments. In the power systems market, it holds a 16% market share in India. As of March 31, 2023, Exicom commanded a 60% market share in residential EV chargers and a 25% share in public charging segments.

In FY23, Exicom’s revenue bifurcation was as follows:

• Critical Power Products: 57%
• Critical Power Services: 11.5%
• EV Chargers: 31.5%

The company’s revenue grew from Rs 708 crores in FY23 to Rs 1,020 crores in FY24, marking a 44% increase. In the EV charger segment, revenue increased from Rs 219 crores to Rs 243 crores, demonstrating an 11% growth year-on-year.

Exicom is actively expanding its capabilities and reach:

• It has two R&D centers in Gurugram, Haryana, and Bengaluru, Karnataka, with a dedicated team of 145 employees.
• Exicom is setting up a new manufacturing facility in Telangana to expand its Critical Power and EV Charger production capacities.

Internationally, the company has certifications to sell its EV charger products in Thailand and Malaysia, with sales offices established in the UK and New Zealand. Exports contributed 33% of its FY23 revenue.

Looking ahead, Exicom is optimistic about the future growth of the EV market in India, with the Government of India expected to release a new EV policy framework focused on charging infrastructure. The company is committed to continued investment in R&D and technology to capitalize on industry growth and emerging opportunities.

In conclusion, Exicom Tele-Systems Limited remains a key player in India’s critical power and EV charger markets, poised for sustainable growth as it expands its footprint both domestically and internationally.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.