Promax PlugUp EV Pvt Ltd, an associate Company in which Promax Power Limited holds 20.83% stake, has successfully developed and shipped its first indigenously designed 240KW DC dual-gun ....
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Promax Power Ltd holds a 20.83% stake in associate company Promax PlugUp EV Pvt Ltd. PlugUp has developed and shipped its first indigenously designed 240 kW DC dual-gun EV fast charger to a customer in California, USA. The charger was built over a 6–8 month R&D cycle and supports CCS1, CCS2, and NACS (Tesla-compatible) charging protocols, making it compatible with most EVs in both India and the US. Notable features include a large advertising display screen and retractable charging guns with articulated arms. Only a handful of Indian manufacturers currently have the capability to build 240 kW-class fast chargers, and this shipment opens up the US EV charging infrastructure market for the Promax group.
This is a positive milestone that showcases technological capability and unlocks a large overseas market (US) for the Promax group's EV charging business. However, since PlugUp is only a 20.83% associate company (not a subsidiary), the direct financial impact on Promax Power's earnings will be limited unless volumes scale significantly going forward.