Wireless electric roads company ElectReon attracts $50M
Israeli startup ElectReon, the developer of electric road systems that wirelessly charge electric vehicles while driving, has raised $50 million. Migdal, Psagot, Mor, Excellence, leading hedge funds Alpha, Safra, and Sphera and Afcon Holdings are among the investors, writes NoCamels.
Founded in 2013 by Oren Ezer and Hanan Rumbak, ElectReon strives to make the future belongs to green e-mobility solutions and eliminate the dependency on oil. The company designs and implements the revolutionary smart road technology of induction charging of electric vehicles in motion. It is ensured by copper coils installed under the driving lane, and receivers located under vehicles’ chassis.
ElectReon provides its solution primarily to governments, cities officials, fleet and major grid operators. Currently, the company is conducting pilot projects in Israel and Sweden. Next steps are the deployment of a 10 km smart road for public transport in Tel Aviv and 25-30 km for charging the trucks on a public road at Gotland.
The company is planning to invest attracted capital into expanding the range of vehicles by offering its solution to shuttles, taxis, light trucks, and vans. Besides, ElectReon wants to enter the new markets such as the US, Italy, France, India, and Latin America.