Spark Minda Green Mobility Solutions (SPGMS), the wholly-owned subsidiary of Minda Corporation, has entered into a definitive agreement with charging solutions startup EVQPOINT Solutions for acquiring a 26% equity stake.
According to the company, the investment will see Spark Minda Group become EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment.
The strategic partnership will also position Spark Minda to capitalise on the accelerating shift to electric mobility and further bolster its position as a one-stop-shop for comprehensive charging solutions for EVs, including fast charging feature.
Aakash Minda, Executive Director, Minda Corporation, said the 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 up to 6.6 KW, with a roadmap for further range expansion. In addition, the group will continue to build capabilities catering for the entire EV value chain by developing future-ready product lines, technologies and solutions, to harness the vast opportunity in the electric mobility space in India.
Latif Ameer Babu, CEO & Co-founder, EVQPOINT, said, over the years, Spark Minda Group has established itself as a provider of quality technology and solutions to OEMs around the country. With this partnership, both companies are laying the foundation to assume a leadership position in the rapidly-growing EV charging ecosystem.