Ampvolts Ltd is an Indian electric-vehicle charging company that builds and runs its own charging hubs, sells charging equipment, and is now moving into heavy-duty electric trucking. It was born from a complete reinvention in early 2023, when new owners took over a dormant software consultancy, changed its name from Quest Softech, and rewrote its entire purpose around EV infrastructure. The recurring approach is to own the infrastructure itself - spending its own capital to build charging assets that then earn income from every charging session - while layering on equipment sales, maintenance contracts, and fleet services around that core. # Business segments Three engines at different stages - a charging-infrastructure core that earns from every kilowatt-hour dispensed, a trading-and-maintenance business that sells the hardware, and a fleet-and-retrofitting bet that extends the model into the vehicles themselves. ## 1. Owned charging infrastructure: the kilowatt-hour business **Ampvolts spends its own capital to build, own and operate charging stations, then earns recurring income every time a vehicle plugs in - an infrastructure-utility model, not a one-time sale.** - **Company-owned, company-operated** - in its COCO model, the company procures, installs and maintains EV chargers on its own balance sheet, and revenue is recognised as and when charging is done by the consumer. - **Heavy-duty trucking is the big bet** - three e-truck charging hubs are already operational at Mundra, Rajula and Khalapur on the Mumbai-Pune Expressway, serving Montra Electric RHINO trucks, and the company is planning a 500 e-truck ecosystem within two to three years. - **Long-term hub contracts with usage guarantees** - Ampvolts builds, owns, operates and maintains electric truck charging hubs for periods like ten years, and its deal with GHCL Limited for transporting commodities from Pipavav port includes a charging station Minimum Usage Guarantee. - **Seventeen more hubs in the pipeline** - a partnership with Cholamandalam Leasing Limited will develop and operate 17 high-capacity electric charging hubs across industrial and logistics corridors in Western India, designed for long-haul electric freight movement. - **Green power is the next layer** - the company is considering integrating green power into its hubs so that both the vehicles and the energy source are decarbonised, moving toward what it calls a "True-Green" mobility mission. ## 2. Charger trading and maintenance: selling the hardware **Where customers prefer to own their chargers, Ampvolts supplies the equipment, installs it, and keeps it running under annual maintenance contracts - a capital-light complement to the COCO model.** - **Bought, not just built** - the company decided to invest in its own charging network precisely because the response and sale of charging machines did not pick up initially; the trading model exists alongside the COCO model for customers who want to own their chargers outright. - **Procurement, installation and AMC** - for chargers that are sold, Ampvolts provides procurement, installation and Annual Maintenance Services for a price, with revenue recognised when goods are delivered and when the agreed contractual task is completed. - **Technology from a strategic partner** - the chargers are developed by System Level Solutions (India) Private Limited, a strategic investor that holds a 24.70% stake in the promoter company, and Ampvolts has a tie-up for regular supply of chargers from SLS. - **Central management baked in** - the chargers come with a Central Management System and provide round-the-clock power, giving fleet operators visibility and control over their charging operations. ## 3. Fleet services and retrofitting: moving into the vehicles **Ampvolts has secured shareholder approval to lease electric cars, run transport fleets, service EVs and convert combustion-engine vehicles to electric - extending its reach from the charging plug into the vehicle itself.** - **Permission to become a fleet operator** - the company's altered object clause authorises it to supply electric vehicles on lease, run taxis, buses and trucks, and act as a transport operator across land, air and water. - **A 500-car deal is already in sight** - Ampvolts signed an expression of interest with Cab-eez Infra Tech Limited to purchase 500 electric cars and lease them back to Cab-eez for use in its fleet, subject to shareholder approval. - **EV servicing and repair authorised** - in November 2025, the board approved a new object clause allowing the company to provide repair, servicing, inspection, overhauling and maintenance services for electric vehicles on a B2B and B2C basis, including setting up workshops and mobile service units. - **ICE-to-electric retrofitting on the menu** - a further object clause authorises the company to retrofit internal combustion engine vehicles with battery-powered electric powertrains, covering design, procurement, installation, testing and certification. # Group structure and partners **Ampvolts is a publicly listed company controlled by a promoter group with deep ties to the EV charging technology provider, and it operates through a web of ecosystem partnerships rather than subsidiaries.** - **Promoter control with a technology link** - AV AC DC Renew Private Limited holds 55.25% of Ampvolts and acquired the company specifically to specialise it in EV charging solutions; the technology provider SLS holds a 24.70% stake in that promoter company, creating an aligned interest between the charger maker and the charging-network operator. - **No subsidiaries, just partners** - as of March 2024, Ampvolts had no subsidiary, joint venture or associate company; instead it works through partners like Montra Electric for truck lifecycle support, Wardwizard Innovations for charging-infrastructure development, and VerdeMobility for on-site upgradable chargers. - **Promoter shares pledged for working capital** - in early 2026, the promoter pledged 20.58% of its shareholding in favour of MUFIN GREEN FINANCE LIMITED to secure a working capital loan for Ampvolts. - **A clean break from the past** - the original promoters, who held just 0.81% of the company, were reclassified to the public category in January 2023, completing the separation from the legacy software business.