Reuven Rivlin is going from one presidency to another. The former Israeli president, who just recently completed his term, is joining wireless smart road tech startup Electreon as company president.
Founded in 2013, ElectReon developed a system to charge electric vehicles (EVs) while in full motion using copper coils placed under the middle lane of the road. The coils are covered by the pavement and powered by an underground system with charging performed by a receiver or multiple receivers installed under the vehicle. Instead of carrying heavy batteries with a limited driving range and a short lifespan, electric vehicles would receive continuous power while being driven on these smart roads.
In a press statement this week, Electreon said the company was now “honored to announce that the 10th President of Israel, Reuven Rivlin, has accepted our offer to join us as Electreon’s president,” and that he would “enhance the company’s collaboration with governments and global companies, as well as to share our activities with decision-makers around the world.”
Rivlin is a “person with significant abilities to contribute to creating additional collaborations of this kind in existing and new markets and thus assisting the company to realize its business aims and its vision,” the company said.
Rivlin’s seven-year term as president came to an end on July 7. He is replaced by current president Isaac Herzog.
“After the pleasure of serving the people of Israel for the last seven years, I have decided to continue focusing on one of the world’s most critical issues: the conservation of our planet,” said Rivlin in a post Electreon published on LinkedIn on Wednesday. “With ElectReon there is an incredible opportunity to decarbonize the transportation sector by growing a network of electrified roadways that will make EV ownership more attainable.”
The company went public on the Tel Aviv Stock Exchange in 2017 and last year raised $50 million in an equity offering to investors. 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.
Electreon has been working since then to further commercialize the business, enter new markets in the United States and Latin America, and expand the range of vehicles beyond buses and heavy-duty trucks to shuttles, taxis, light trucks, vans, and autonomous vehicles.