Chakratec Raises $4.4M To Bring Fast Charging Tech For Electric Vehicles To Market

May 22, 2018 | Israeli patented kinetic storage manufacturer Chakratec has announced the completion of a Series C financing round, raising $4.4 million to further the development of its electric vehicle (EV) charging technology and bring it to market. The money was raised from the Israeli iArgento Group and the Singapore-based company Goldbell. The round will help the company conduct its first three pilot projects in Europe, with three of Europe’s leading utilities, which will potentially lead to the first orders later this year. “Chakratec has developed an innovative EV charging technology that obviates the need for upgrading the power grid, enabling rapid deployment of fast EV charging systems. The company is currently conducting pilot projects with three global energy providers that see our technology as the solution for reduced EV charging times, and a facilitator for global market penetration by electric vehicles,” Chakratec CEO Ilan Ben-David said in a statement.  The company has already raised $3.2 million on its previous rounds. Chakratec’s innovative charging technology, which requires the use of kinetic batteries in a flywheel concept, rather than a costly and complicated high-power electricity connection, is faster and easier than the ‘fast charging’ of electric vehicles currently on the market. When a vehicle enters a charging station, the kinetic battery empties and quickly transfers energy to the vehicle, filling up again. The company’s batteries allow a large number of charge and discharge cycles of a period of 20 years. Chakratec was founded in 2013 by Israelis Ilan Ben David, Nir Zohar, and Dudi Pincu.