ElectReon to charge Electra Afikim buses

Image of ElectReon technology credit: Company website
Image of ElectReon technology credit: Company website

The NIS 6.5 million project in Rosh Ha'ayin will enable public transport company Electra Afikim to charge 30 buses 24 hours a day.

Smart road company ElectReon Wireless (TASE: ELWS) is to construct charging infrastructure for the Electra Afikim bus company in Rosh Ha'ayin. ElectReon Wireless reported to the Tel Aviv Stock Exchange this morning that it had signed a collaboration agreement with Electra Afikim, and that the project was worth NIS 6.5 million. ElectReon Wireless will provide a wireless charging area on which it will be possible to charge 30 electric buses at the same time, 24-hours a day. ElectReon Wireless will also provide maintenance, support and operating services for the next twelve years.

Electra Afikim, the fourth largest bus-line operator in the country, with 1,400 buses in its fleet, will bear the cost of the electricity. "This is another commercial project for us in Israel, ElectReon Wireless chairperson and CEO Oren Ezer told "Globes". The previous deal, reported in October last year, was signed with public transport company Dan, which holds a 5.6% stake in ElectReon Wireless. In the current deal, Ezer says, "We have demonstrated that it's not just a technology but also a product. The entire process here was in consultation with the Ministry of Transport and the Ministry of Finance. The product has received approval, support, and finance from the Ministry of Transport, and that's very important for us.

"The project in Rosh Ha'ayin, where we are setting up the system, is fairly unique. It's in the night depot for parking the buses, but they also stop there during the day for the drivers to rest and refresh themselves, so it’s a bus park by day as well. This means that, through this project, we will be able to demonstrate how we transmit energy 24 hours a day, which allows smaller batteries can be installed on the buses. The Rosh Ha'ayin municipality which supports the idea, has undertaken to the Ministry of Transport to make the land in question available for ten years.

Electra Afikim CEO Oded Cohen added, "As a leading public transport company, we are moving towards green energy. Since the switch to using electricity depends on the allocation of infrastructure, high-power connections to Israel Electric Corporation, and prolonged bureaucracy, we are delighted to be collaborating with ElectReon Wireless, which offers a more economical and accessible alternative for charging electric buses.

"Electra Afikim already operates 25 electric buses on special BRT routes in Ashdod, as part of a sustainable city project, and seeks to expand the use of buses powered by green energy."

ElectReon Wireless is also active in Europe, mainly in Germany and France, where it has a strategic partnership with Vinci Energies.

ElectReon Wireless's share price is currently up 5.5% on the Tel Aviv Stock Exchange.

Published by Globes, Israel business news - en.globes.co.il - on May 15, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Image of ElectReon technology credit: Company website
Image of ElectReon technology credit: Company website
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