Exicom, a company focussed on delivering innovative EV charging infrastructure and Lithium-ion batteries, is in the process of forming two new companies – while Exicom Power will focus on EV chargers, Exicom Energy will be focussed on the battery business.
The two new companies will be operational within the next two months, with the promoters having complete control.
Incidentally, the electric vehicle charger showcased during the Hero Vida V1 electric scooter launch recently was conceptualised and manufactured by Exicom.
It was in 2017 that the company's leaders had seen potential in the EV charging and batteries space. Exicom was already into manufacturing Lithium-ion batteries for telecom towers and found it natural to foray into making batteries for EVs, followed by EV chargers.
Priyank Agarwal, Chief Strategy Officer, Exicom, in a conversation with Mobility Outlook, said the company will continue to manufacture chargers at its existing telecom products facility. A dedicated new facility for EV chargers, however, will be established soon, for which the company will gradually raise investments. “Anything between INR 100-120 crore could be required to set this up,” Agarwal said.
Exicom counts among its clients OEMs and other ecosystem partners, including Tata Power, MG Motors, Volvo, Audi, Reliance and Hero MotoCorp.
In the last fiscal, the company earned revenues of over INR 65 crore from its EV charger business. “We surpassed last year's revenue during the first six months of this fiscal. Our order books suggest that we will be able to close this fiscal in the range of INR 200-250 crore,” Agarwal claimed.
The company also supplies charges to fleet and charge point operators. About 75% of the revenue came from its OEM business, while the rest was from fleet and charge point operators. The company claims to hold over 80% of India's EV charger market for four-wheelers.
Notably, India has been witnessing healthy EV adoption in recent times, and the country is likely to get 48,000 additional EV chargers installed at an investment of around INR 14,000 crore. A report by ICRA noted that these chargers will be installed over the next three to four years.
“We see immense potential in the electric mobility space as the same is going through a change that occurs once in a lifetime,” said Agarwal.
Charger manufacturing at Exicom is fully localised, while 40% of the components for DC fast chargers, including DC charger guns and other power components, are imported. Efforts are currently on to localise these components. The pure-play hardware company has also embarked into the software domain by building algorithms for fleet and charge point operators to manage chargers and load.
Also on the cards is its foray into Europe. Notably, the company already has a 40% share in Malaysia's EV charging market. However, it has no intention of setting up its own charging network.
Anant Nahata, Managing Director, Exicom, recently said, “Our future-ready products will propel us to gain a strong foothold in India and SEA markets and help put the Exicom brand on the global EV ecosystem map.”