Israeli company ElectReon, the developer of a wireless electrification system for electric vehicles to charge them while in full motion on smart roads, raised $50 million in an equity offering to investors this week.
The company said a number of institutional investors took part, including Migdal, Psagot, Mor, and Excellence, as well as leading hedge funds Alpha, Safra, and Sphera. Israeli company Afcon Holdings, a leading player in the infrastructure and construction sector in Israel, also participated in the offering.
Founded in 2013, ElectReon developed a system to charge vehicles while in full motion using copper coils placed under the middle lane of the road. The coils would be covered by the pavement and powered by an underground system with charging performed by a receiver or multiple receivers installed under the car.
The company went public in late 2017.
ElectReon is currently conducting a number of pilot programs in Israel and Sweden with buses and trucks, and says it expects to complete them later this year. There are now plans to undertake commercial projects including a 10-km shared deployment for public transportation and other commercial uses in Tel Aviv, and a 25-30 km deployment to charge heavy-duty trucks in Sweden.
In December, ElectReon signed a memorandum of understanding with German energy company EnBW Energie Baden-Württemberg AG (EnBW) to demonstrate its technology to decision-makers in Germany.
Going forward, ElectReon said the $50 million will be used to expand the range of vehicles offered for wireless charging beyond buses and heavy-duty trucks to shuttles, taxis, light trucks, vans, and autonomous vehicles, and to expand into new markets such as the US, Italy, France, India, and Latin America.