Israeli company ElectReon continues to expand in Europe. The Beit Yanai-based developer of a wireless electrification system to charge electric vehicles in full motion on smart roads has informed the Tel Aviv Stock Exchange (TASE) that it has signed a Memorandum of Understanding with road builder Eurovia, a subsidiary of French construction company Vinci.
The pair will partner to promote and construct wireless electric road systems in German, France, and Belgium, the company announced in a report published on Tuesday.
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.
ElectReon and Eurovia will collaborate to improve the technical aspects of building and installing a wireless electric road, and will also conduct joint negotiations with fleet operators and power grid operators in connection with the implementation of shared projects.
Eurovia will oversee the promotion of the wireless electric road system tech within the different countries and will work to integrate the wireless electric road system into its commercial projects. It will be responsible for the construction tasks in connection with shared projects.
ElectReon will provide the charging system itself and the maintenance for it and will ensure compliance with local regulation.
The MOU is will take place over the course of a five-year period.
ElectReon’s collaboration with Eurovia is an “important step” for the company in the “implementation of its business strategy and in creating a partnership with a global key player,” the report said.
In addition, ElectReon said the MOU will help promote the idea of the wireless electric road in the international market, while also promoting its trust and commercial readiness for interested parties such as government municipalities, fleet operators and financial institutions.
Two weeks ago, ElectReon and the Tel Aviv Municipality announced the launch of a pilot program to build electric roads for public transportation charging in the city. The pilot is being conducted with the Dan Bus Company which runs bus lines in Tel Aviv and some of the surrounding areas.
The pilot, which is the first of its kind in Israel, is being carried out between Tel Aviv University Railway Station and Klatzkin Terminal in Ramat Aviv – a two-kilometer route including 600 meters of electric road.
ElectReon has similar projects in Germany and Sweden. ElectReon and Germany energy company EnBW Energie Baden-Württemberg AG (EnBW) signed an agreement in August to build the first wireless electric road system (ERS) in Germany. The first stage of this wireless electric road project is scheduled to be commissioned by the end of the year.
ElectReon signed a memorandum of understanding with EnBW in December 2019 to demonstrate its technology to German decision-makers. It is one of Germany’s largest energy companies and a major electric mobility provider with a charging network that spans Germany, Austria, and Switzerland with more than 30,000 charging points.
The company went public in late 2017. In June, it 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.
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