ElectReon Wireless Ltd. (TASE:ELWS), which develops smart road technology that wirelessly charges electric cars, has signed a cooperation agreement with French-Japanese auto manufacturer Renault-Nissan-Mitsubishi. ElectReon will receive an electric car from Renault-Nissan-Mitsubishi, install its system in the car, and adapt it to smart road technology, thereby facilitating travel through wireless energy transfer.
ElectReon was founded in late 2013 by chairperson and CEO Oren Ezer and CTO Hanan Rumbak. They founded the company after serving in various positions in Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT).
ElectReon was first listed on the Tel Aviv Stock Exchange (TASE) in October 2017, when it merged with stock exchange shell Biomedix. Since the merger, the company's share price has soared nearly 200%, pushing its market cap up to NIS 120 million. ElectReon is controlled by Ezer and Rombak, each of whom owns 19% of the shares, and Dan Bus Company (13.6%).
Ezer stated today, "Smart road technology is the next stage in the evolution of global public transportation. It is designed to cut operating costs, completely halt dependence on oil and gasoline, and make the public space cleaner and cheaper. I am confident that this cooperation and other such agreements will make Israel a pioneer in technology-based transportation solutions."
ElectReon's technology is based on coil infrastructure installed below the surface of road lanes. If the development is successful, energy will be transmitted to electric vehicles traveling in the lane, thereby extending the vehicles' travel range, while also saving time spent on charging the vehicles. Cars will be equipped with a small battery so that they can also travel on roads lacking the company's infrastructure. The battery can be charged while the vehicle is traveling on roads in which the coils infrastructure has already been installed. Since the battery will be small, cars will weigh less.
ElectReon plans to first use its technology on buses traveling in designated lanes and later in private vehicles. Implementation of the technology also depends on cooperation from regulators (e.g. infrastructure and transportation ministries in Israel and European countries).
Last month, ElectReon signed a cooperation agreement with Dan in which an initial public transportation route will be established powered by wireless energy charging. The company has also signed a memorandum of understanding with French company Hutchinson, which is to design and develop a mass production line for the coils infrastructure developed by ElectReon for installation beneath the road surface.
Three months ago, ElectReon reported success in a trial that began in March 2016 in cooperation with the Tel Aviv municipality and Technion, Israel Institute of Technology. The trial was aimed at testing the durability of the coil infrastructure under real conditions in which buses and private cars travel on the road on which the infrastructure has been installed at all hours of the day, including testing whether the coils beneath the road surface really do transmit energy to an external receiver above the road. ElectReon announced that the system had worked as planned and had transmitted energy to the receiving unit at more than 80% efficiency.
ElectReon is currently completing construction of a test site north of Netanya. The company is planning demonstrations of its technology in the coming months with an electrical vehicle with no battery and charging a small battery in a traveling electric car.
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2018
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