TNI || New Delhi || 22nd Dec 2021
India’s integrated EV charging solutions company, Magenta, has confirmed a notable investment into Axiom energy conversion limited which is countries leading and oldest electric vehicle component manufacturer.
Axiom happens to be a Hyderabad-based 25-year-old company that is promoted by MJ Purohit and predominantly functions in battery chargers as well as DC converters and is focused on the growing EV industry.
It is the largest EV charger brand in the e rickshaw segment. The company currently has a manufacturing capacity of 6,50,000 charger units in a year.
Due to Magenta and Axiom investment and collaboration plans are to develop a manufacturing setup which is dedicated to EV powertrain components that will include, motor controllers, chargers, as well as drive train components.
Because of the majority stake of Magenta in Axiom, the latter will have access to a large in-house manufacturing plant for its EV charging equipment.
Due to this collaboration, Magenta Axiom will emerge as the most integrated EV charging players, with units ranging from charger technology to its manufacturing, last-mile delivery, as well as charging as a service.
There are plans to deploy the integrated EV solutions across the length and breadth of the country.
Magenta’s MD, Maxson Lewis said, that they are surprised at the in-depth knowledge and capacity in AC-DC conversion which Axiom has developed with time.
According to him, Magenta has always believed in progressing towards an end-to-end solution for EV charging, and a new state-of-the-art facility with Axiom will contribute significantly towards advancing to zero-emission electric mobility.
It is well to be noted that the acquisition will put the country ahead in developing an absolute ecosystem on e-mobility.