Israeli company ZOOZ Power (TASE: ZOOZ) has announced that it will list on Nasdaq through a merger with special purpose acquisition company Keyarch Acquisition Corp. (Nasdaq: KYCH). ZOOZ Power provides flywheel-based power boosting solutions for the electric vehicle charging infrastructure market.
The transaction values ZOOZ Power at an agreed equity value of up to $100 million, which reflects $60 million at closing and up to $40 million of additional contingent consideration through shares issued. ZOOZ power's current market cap on the TASE is about $17 million.
The transaction is expected to provide a minimum of $10 million in net proceeds from cash held in Keyarch’s trust account and/or other sources. The merger is due to be completed in the fourth quarter of 2023.
ZOOZ (formerly known as Chakratec Ltd) was founded in 2013 and is focused on the development and maturing of its innovative kinetic, flywheel-based, energy storage technology.
ZOOZ launched its first-generation kinetic Power Booster in 2018 and deployed it in several sites in the EU. ZOOZ has recently introduced its second generation innovative ZOOZTER-100 Power Booster and is working with its customers and partners in Israel, the EU and the US to fulfill its vision to accelerate a scalable roll-out of ultra-fast charging infrastructure, while overcoming limitations of existing grid limitations and allowing reliable and efficient operation with minimal total cost of ownership, over more than 15 years.
Published by Globes, Israel business news - en.globes.co.il - on July 31, 2023.
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