Magenta, an integrated EV charging solution company, recently mentioned that it had made a significant investment in Axiom Energy Conversion. Axiom Energy Conversion is a Hyderabad-based electric vehicle component manufacturer. However, Magenta has still not revealed the amount of investment in Axiom, but through investment, the major aim of the company is to achieve its mission of becoming an exclusive provider for end-to-end electric vehicle solutions.
The company, for the past 25 years, has been manufacturing DC converters and battery chargers, particularly emphasizing the ever-growing electric vehicle sector.
The Axiom and Magenta investment and partnership initiatives are bringing plans to create a Greenfield manufacturing set-up focused on electric vehicles powertrain components like motor controllers, converters charges, and drivetrain components.
Magenta believes in developing a platform that is an end to end solution for electronic vehicle charging, and of course, this new state of the art facility is likely to contribute exponentially towards advancing measures and initiatives towards zero-emission electric mobility.
“We are amazed at the 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,” said Magenta Managing Director Maxson Lewis.
Furthermore, the industry leaders stated that Magenta had invested somewhere around rupees 50 crores in acquiring the component and charging business Axiom to enhance its charging capabilities.
Axiom is the country’s largest-selling electric vehicle charger company, particularly in the e-rickshaw segment, with a current manufacturing facility of 6,50,000 charging units per year. Also, the companies are working dedicatedly towards engineering robust and new electronic vehicle components and charging solutions.
Also, the customers from Axiom include several retailers and leading original equipment manufacturers.
The acquisition is important for the company and the whole sector as it will help India stay ahead in creating a comprehensive e-mobility environment and ecosystem.
In addition, such investment is likely to expand the company’s portfolio, particularly in e-mobility with Magenta and its related brands EVET and ChargeGrid.
Also, this move will help Magenta to continue its growth trajectory at a much higher pace and tap on the undiscovered avenues of the vast electronic vehicle sector that have been making noise over the last couple of years globally.
Also, with this partnership, Axiom and Magenta are likely to become one of the most integrated EV charging players ranging from charger manufacturer to charging technology. Also, it expands to the last mile electric delivery and charging as a service. Furthermore, the initiatives and the expansion plan include the successful deployment of these integrated solutions all across the country.
“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 well placed to capture this burgeoning market space,” said Purohit, managing director of Axiom Energy Conversion Ltd.