Specifically, Exicom and Hubject will collaborate on Hubject’s Plug&Charge platform, creating a regional Indian hub to enable the industry-leading global technology; support local charge point operators (CPOs) based on ISO15118 standards; enable fully automated charging capabilities; produce the first Plug&Charge standard in India, making India one of the leaders in this standard in the region.

This implies that EV drivers in India will be able to plug in to compatible charge points and charge up instantly using automatic EV-to-charging station authentication technology without the need of 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 intercharge platform aims 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.”

Anant Nahata, CEO of Exicom, said, “Addressing the challenges of reliability and seamless EV charging experience in the Indian market is crucial. Our partnership with Hubject aims to provide a frictionless charging experience for EV users. The establishment of a central interoperability hub will further streamline payment settlements and reduce dependence on multiple wallets, ensuring a smoother experience for EV users nationwide.”

Exicom Tele-Systems is in the business of providing efficient and reliable Power Electronics Solution for global Telecom, IT, and other related industries and manufacturing of electric vehicle charger and lithiumion battery for E-vehicle.

The company reported that its consolidated net profit fell 0.50% to Rs 27.46 crore on 13.09% decrease in revenue from operations to Rs 300.90 crore in Q4 FY24 over Q4 FY23.

The counter hit an all-time high of Rs 361.60 in today's intraday session.