The objective of the pilot is to set up an ultra-fast charging station for electric vehicles at sites where the electricity grid is power constrained without the need to upgrade the power grid, thanks to the ZOOZ Power’s Power Booster, which is based on the company''s technology for kinetic energy storage in flywheels.
Israel, 14 April 2022 – ZOOZ Power (TASE:ZOOZ)announces that it has received approval from the Innovation Authority for a Pilot program for the installation and operation of ultra-fast charging infrastructure for electric vehicles, based on the company''s Kinetic Power Booster. The budget approved for the pilot is about ILS 3.37 million, with the Innovation Authority contributing 40% – i.e., ILS 1.35 million. The pilot period extends from February 2022 to January 2024.
This pilot is a first business collaboration with Afcon Electric Transportation and follows on from Afcon''s investment in ZOOZ Power in the context of the recently completed financing round, in which Afcon became an interested party of the company.
Udi Eliyahu, CEO of Afcon Electric Transportation, said: "As the leading company in Israel in the rollout of a public charging network, we very much welcome this pilot with ZOOZ Power. Ultra-fast charging is an important component of our recharging network. Afcon Electric Transportation already has both fast and ultra-fast recharging stations spread out from Dan to Eilat and, by using the ZOOZ Power Booster, we will be able to also install stations in locations where the existing electrical grid does not support ultra-fast charging without ZOOZ Power''s product."
We are committed to eliminating range anxiety and helping to accelerate the mass adoption of electric vehicles around the world. Our goal is to enable the vast roll-out of cost-effective ultra-fast charging infrastructure while overcoming existing grid limitations sustainably.
ZOOZ pioneers its unique flywheel-based power boosting technology, enabling unlimited high-power charge & discharge cycles with a lifespan of more than 15 years, thus providing minimal total cost of ownership for ultra-fast EV charging infrastructure. As our product is based on kinetic energy storage in flywheels, it is non-toxic, nor based on rare-earth materials, making it intrinsically green.
Our sustainable, power boosting solutions are built with longevity and the environment in mind, helping our customers and partners create the world''s most sustainable, reliable, long-lasting and cost-effective fast-charging solutions.
Founded in 2013 and headquartered in Lod, Israel, ZOOZ is working globally with leading utilities, charge-point operators, energy and real estate companies, to deploy first-of-their-kind kinetic-powered EV ultra-fast charging stations.
Upon completion of GenCell''s delivery of the first four off-grid EV charging stations, E.V. Motors Pure Energy orders dozens of additional charging stations to be distributed at key locations across Israel''s roadways in a deal valued at some US$5 million
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