Paz Oil Company Ltd. (TASE:PZOL) is preparing to set up a network of fast electric vehicle charging points around Israel. The points will be able to deliver up to 180 kilowatts and will be able to add a range of 100 kilometers for electric vehicles, within a few minutes. The network will begin operating in the second quarter of 2022.
The electric vehicle charging points will mainly be installed in Paz gas stations along major highways in Israel but they deployment will also include independent points separate from the gas stations.
Paz will also enter the business of installing charging points in the homes of electric vehicle owners, possibly in cooperation with its Pazgas unit which sells heating and cooking gas to homes throughout the country. The electric charging business will also have some synergy with Paz's chain of Yellow convenience stores, located in its gas station forecourts.
Paz will also launch an app for smart management of its electric vehicle charging points.
Earlier last year, Paz held talks to acquire a stake in Union Motors charging stations company EV Edge but the negotiations did not come to anything. Paz has now decided to enter the sector independently based on its national network of 270 gas stations.
At present Israel only has about only 100 electric vehicle fast charging stations but this number is expected to double in 2022 with the Ministry of National Infrastructures, Energy and Water Resources provided subsidies for new electric charging points worth tens of millions of shekels.
Israel currently has less than 20,000 electric vehicles, not including plug-ins. But government estimates are that by 2025, 23% of new cars sold in Israel will be electric vehicles. Major groups operating electric vehicle charging stations include EV Edge, Afcon and OPC Energy (TASE: OPCE).
Published by Globes, Israel business news - en.globes.co.il - on February 23, 2022.
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