EV charging solutions company, Magenta Power has announced its investment in Axiom Energy Conversion Limited, one of India's oldest EV component manufacturers. The 25-year-old Hyderabad-based company makes battery chargers and DC converters. It's also the largest-selling EV charger brand in the e-rickshaw segment with an existing manufacturing capacity of 650,000 units per annum. Axiom also supplies EV chargers to several OEMs and retailers. Magneta has not shared the financials of the investment.
Also Read: Magenta To Invest ₹ 250 Crore In Tamil Nadu To Set Up An EV Plant
Speaking about his investments in Axiom, MD of Magenta Maxson Lewis, said, "We are amazed at a depth of knowledge and manufacturing capability in AC-DC conversion that Axiom has developed. It was only recently that our joint discussion turned into an investment and partnership. Magenta has believed in building an end-to-end platform solution for EV Charging, and this new state-of-the-art facility will contribute significantly to further advancing Magenta's move toward zero-emission electric mobility. We are glad to be supported by Axiom, who are passionate to bring about a change towards clean mobility."
Axiom Energy is a 25-year-old company that makes battery chargers and DC converters
With the investment, Magenta plans to gain a strong foothold in the greenfield manufacturing setup for EV components including chargers, converters, motor controllers and drivetrain components. The company has a majority stake in Axiom that enables it to have a large in-house manufacturing facility for its EV equipment, the company said in a statement. The partnership makes Magenta Axiom an integrated charging solutions company that includes charger manufacturing to charging technology. charging as a service and last-mile electric delivery. Magenta also announced its future expansion plans include deploying integrated EV solutions across the country.
Also Read: Magenta ChargeGrid Sets Up 6 Charging Hubs For Electric CVs
Speaking about the investment, MJ Purohit, MD - Axiom said, "Axiom is committed to developing new and robust EV components and charging solutions. Our EV components are designed to be simple, small and reliable while being imbibed with the latest tech. We intend to become the largest standalone component supplier for Chargers, DC-DC converters and motor drives in the country and with the association of Magenta we are very well placed to capture this burgeoning market space. We have jointly lined up a robust portfolio of EV components and are working on developing these new-age smart and affordable EV solutions."
