Electron has raised NIS 40 million ($11.8 million) from a private placement of shares and options as the Israeli wireless “smart road” tech startup prepares to bid in a tender to build the first 42-kilometre (26 mi) long electric Is. Road in Sweden.
The startup, which is publicly traded on the Tel Aviv Stock Exchange and is developing wireless charging infrastructure for electric vehicles (EVs), announced on Thursday that it raised NIS 18 million from the sale of shares and an additional NIS 21 Huh. million by option.
“The purpose of the financing is to enable the company to compete in the largest electrification tender in Europe, which is taking place in Sweden and which the company is part of after successfully passing all pre-conditions for the tender,” CEO of Elektron Oren Azer said.
Elektron said the money will go toward preparations ahead of the startup’s bid for a tender by the Swedish Transport Administration to build the country’s first permanent electric highway for heavy transport trucks between Hallsberg and Örebro. The startup said it would be the longest electric road in the world.
Electron, together with Cobra, a Spanish construction company specializing in electrical works and civil engineering, has financed after passing the pre-screening stage to participate in the tender. the swedish government is Investment In building electrified roads as part of a target to reduce carbon dioxide emissions from freight traffic.
Established in 2013, Electron has been evolve A system for charging EVs using copper coils placed under asphalt to transfer energy from the power grid to the road and manage communication with oncoming vehicles. Receivers are mounted on the floor of vehicles to transmit energy directly to the engine and battery while the vehicle is moving, eliminating concerns about limited driving range and short battery life.
A truck in Gotland, Sweden, is being charged while driving on top and with underground management units on either side, a wireless charging system developed by Israeli company Electron. (electron)
The Swedish government is expected to announce the results of the electric road tender at the end of the second quarter of 2023. After the winner is selected in the tender for the electric road, another separate tender is expected to be held for its maintenance and operation. Power road for a period of 15 years. The Swedish government has set a deadline of 2025 to complete the design and construction of the electric road.
In Sweden, Electron has already won a tender to install a 1.65-kilometre (1 mi) electric stretch used by one bus and one truck on the 4.1-kilometre route between Visby’s airport and the city center on the island of Gotland. Has won
Based in the northern Israeli community of Beit Yannai, the startup has several partnerships in Europe, piloting its smart road technology in Germany, France and Belgium. In December, Elektron announced that its technology would be deployed in Germany for the first time in a public wireless road project in a €3.2 million deal to power a public electric bus.
About a year ago, the startup won a bid to build an Electric Road System (ERS) on a public road in Detroit, the long-standing US automotive capital – dubbed the Motor City – with a pilot called Inductive Vehicle Charging as part of a program. This was announced by Michigan Governor Gretchen Whitmer. According to his office, the program aims to test electrified roads that will eventually lead to the adoption of EVs and advance environmental sustainability.
Electron also has an ongoing partnership with the city of Tel Aviv-Jaffa, which has been expanded to include a large-scale commercial deployment of its wireless charging infrastructure to power electric buses in Tel Aviv in conjunction with Dan Bus Company Is.
