EV charging co Chakratec prepares for TASE IPO

Tel Aviv Stock Exchange Photo: Eli Yizhar

The Israeli company is developing kinetic storage to boost electric vehicle charging.

Israeli electric vehicle charging company Chakratec is believed to be planning to become the latest tech company to hold an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). Market sources believe that Chakratec will try to raise several tens of millions of shekels at a pre-money valuation of NIS 350-400 million, even though it has a going concern qualification attached to its financial statements.

Chakratec says that it is boosting e-mobility by facilitating fast and ultra-fast EV charging through unique kinetic storage. The company was founded in 2013 by CTO Ilan Ben-David, CCO Nir Zohar and David Pincu VP R&D.

The company is yet to produce revenue and reported a net loss of NIS 9 million in the first half of 2020, after losing NIS 24 million in 2018 and 2019.

Published by Globes, Israel business news - en.globes.co.il - on February 14, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Tel Aviv Stock Exchange Photo: Eli Yizhar
Tel Aviv Stock Exchange Photo: Eli Yizhar
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