ElectReon wrote that the round was led by "some of Israel's biggest institutional investors, such as Migdal, Psagot, Mor, Excellence, and Halman Aldubi, and leading hedge funds Alpha, Safra and Sphera, as well as Afcon Holdings which is the biggest EV charging player in Israel".
We've been watching the company's first demo project on the island of Gotland (Sweden) since 2019. The pilot installation includes a test section of the 1.6 km (1 mile) and a 40-ton all-electric truck, equipped with five 20 kW wireless modules (100 kW total).
The vehicle can be powered or even recharged over the wireless charging section, which allows it to carry only a symbolic battery pack.
The plan for near future is to complete full commissioning of its demo projects in Tel Aviv, Israel and in Sweden by the end of 2020 and then use the funds to accelerate larger, commercial projects, as well as to expand to selected new markets like Germany, Italy, France, California, India, and Latin America "where it is currently developing additional projects".
The commercial project will include:
- 10 km (6.2 miles) in Tel Aviv for public transportation and other commercial users
- 25-30 km (15.5-18.7 miles) in Sweden for heavy-duty trucks
The dynamic wireless charging can be applied to various vehicles, including buses, heavy-duty trucks to shuttles, taxies, light trucks, vans and autonomous vehicles. We don't see private passenger cars on ElectReon's list, which suggests that it is not the initial target.
ElectReon Wireless raises US$50 million in an equity offering
ElectReon Wireless, a leader in developing and implementing wireless charging for electric vehicles in motion, raises US$50 million in an equity offering to boost a global shift to the cleanest form of mobility – electric vehicles with minimal batteries.
Some of Israel's biggest institutional Investors led the investment, such as Migdal, Psagot, Mor, Excellence, and Halman Aldubi, and leading hedge funds Alpha, Safra and Sphera, as well as Afcon Holdings which is the biggest EV charging player in Israel.
ElectReon is expected to complete full commissioning of its demo projects in Tel Aviv and Sweden by the end of 2020 and will use the funds to accelerate the development of commercial projects. Those projects include a 10 km shared deployment for public transportation and other commercial users in Tel Aviv and a 25-30 km deployment that will charge heavy-duty trucks in Sweden. The company also plans to establish a local presence in selected new markets such as Germany, Italy, France, California, India, and Latin America where it is currently developing additional projects.
As part of the global move towards electrifying heavy duty vehicles, California recently approved new rules that would force automakers to sell more electric work trucks and delivery vans, a first-of-its-kind rule aimed at helping the nation's most populous state clean up its worst-in-the-nation air quality, making it a great potential market for a solution that can electrify heavy-duty trucks without using huge batteries.
The funds will also be used towards expanding the range of vehicles offered for dynamic wireless charging beyond buses and heavy duty trucks to shuttles, taxies, light trucks, vans and autonomous vehicles.
ElectReon's CEO, Oren Ezer - "We thank our investors for showing confidence in the clean mobility segment as a global growth engine and in ElectReon's solution as a platform that can bring the world closer to 100% clean transportation"
Electreon Wireless is a publicly traded Israeli company developing and implementing wireless dynamic charging for all types of electric vehicles. A shared, invisible “charge as a service” platform enabling cost effective electrification of commercial and autonomous fleets with minimal batteries and smooth and continuous operation