Israeli company ElectReon, the developer of a wireless electrification system for electric vehicles to charge them while in full motion on smart roads, raised USD 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, as well as 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 USD 50 million will be used to extend the range of vehicles that can utilize wireless charging beyond buses and heavy duty trucks to shuttles, taxis, light trucks, vans, and autonomous vehicles. The company will also expand into new markets such as the US, Italy, France, India, and Latin America.
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.