Israel’s ElectReon Wireless, a leader in developing and implementing wireless charging for electric vehicles in motion, has raised US$50 million in an equity offering.
ElectReon is conducting demo projects in Tel Aviv and Sweden include a 10 km shared deployment for public transportation and other commercial users in Tel Aviv and a 25-30 km deployment that will charge heavy-duty trucks in Sweden.
The company says the funds will also be used towards expanding the range of vehicles offered for dynamic wireless charging beyond buses and heavy duty trucks to shuttles, taxies, light trucks, vans and autonomous vehicles.
ElectReon’s CEO, Oren Ezer, says: “We thank our investors for showing confidence in the clean mobility segment as a global growth engine and in ElectReon’s solution as a platform that can bring the world closer to 100% clean transportation”
ElectReon says it expects to complete full commissioning of its demo projects in Tel Aviv and Sweden by the end of 2020 and will use the funds to accelerate the development of commercial projects.