ElectReon teams with European road builder Eurovia

Electric truck on Electreon test track in Sweden  / Photo: PR

ElectReon and Eurovia will collaborate on promoting electric roads in France, Germany and Belgium.

ElectReon Wireless (TASE: ELWS) continues to expand in Europe. This morning, the company notified the Tel Aviv Stock Exchange that it had signed an MOU with road building company Eurovia covering collaboration on promoting and constructing wireless electric road systems in Germany, France and Belgium. ElectReon's technology enables electric vehicle batteries to be charged on the move from coils embedded in the road. This promises greater range with smaller batteries, and fewer battery charging points installed on roadsides.

ElectReon and Eurovia will collaborate on improving technical aspects of paving roads incorporating wireless battery charging, and will conduct joint negotiations with vehicle fleet operators and power network operators on cooperative projects. Eurovia will promote the idea of electric roads in the different countries and will integrate the technology into its commercial products. ElectReon will provide the charging system itself and maintenance for it, and will ensure compliance with local regulation. The MOU is for a five-year period.

ElectReon recently began a pilot program in Tel Aviv. Two weeks ago, the Tel Aviv Municipality announced that it would pave a two-kilometer stretch of road next to Tel Aviv University with a 600-meter section for charging electric-powered buses.

In the past year, ElectReon's share price has risen 220%. Its current market cap is NIS 2.7 billion.

Published by Globes, Israel business news - en.globes.co.il - on October 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Electric truck on Electreon test track in Sweden  / Photo: PR
Electric truck on Electreon test track in Sweden / Photo: PR
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