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Advertisement

home page


ISRAELI STARTUP RAISES NIS 40M TO BID IN ‘SMART ROAD’ ELECTRIC TENDER IN SWEDEN


ELECTREON PASSES PRE-SCREENING FOR TENDER TO BUILD SWEDEN’S FIRST ELECTRIC ROAD
ALONG 42 KILOMETERS, THE LONGEST STRETCH IN THE WORLD

By Sharon Wrobel 22 January 2023, 5:59 pm Edit
 * Facebook
 * Twitter
 * linkedin
 * email
 * Print

Sharon Wrobel is a tech reporter for The Times of Israel.

 * 

Illustration of an electric bus traveling along a stretch of Electreon smart
road, recharging as it travels. (ElectReon screenshot)

Electreon has raised NIS 40 million ($11.8 million) from a private placement of
shares and options as the Israeli wireless “smart road” tech startup gears up to
bid in a tender for the construction of the first 42-kilometer (26 miles) long
electric road in Sweden.

The startup, which is publicly traded on the Tel Aviv Stock Exchange and has
been developing a wireless charging infrastructure to power electric vehicles
(EVs), announced on Thursday that it raised about NIS 18 million from the sale
of shares, and an additional NIS 21 million from options.

“The purpose of the financing is to enable the company to compete in the largest
electrification tender in Europe, which is taking place in Sweden and which the
company is part of after successfully passing all the preconditions for the
tender,” said Electreon CEO Oren Ezer.



Electreon said the funds will go toward preparations ahead of the startup’s bid
for a tender by the Swedish Transport Administration to build the country’s
first permanent electric highway for heavy transport trucks between Hallsberg
and Örebro. The startup said that it would be the world’s longest electric road.

The financing comes after Electreon passed the pre-screening stage for
participating in the tender together with Cobra, a Spanish construction company
specializing in electrical works and civil engineering. The Swedish government
is investing in the creation of electric roads as part of a goal to reduce
carbon dioxide emissions from freight traffic.

Sign up for the Tech Israel Daily and never miss Israel's top tech stories
Newsletter email address Subscribe
By signing up, you agree to the terms


Founded in 2013, Electreon has been developing a system to charge EVs while in
full motion using copper coils laid beneath the asphalt to transfer energy from
the electricity grid to the road and to manage communication with approaching
vehicles. Receivers are installed on the floor of the vehicles to transmit the
energy directly to the engine and the battery while the vehicles are on the go,
doing away with concerns about limited driving range and short battery
lifespans.

A truck in Gotland, Sweden being charged while driving with above and
underground managements units on both sides, a wireless charging system
developed by Israeli company ElectReon. (ElectReon)

The Swedish government is expected to announce the results of the electric road
tender at the end of the second quarter of 2023. After selecting the winner in
the tender for the electric road, another separate tender is expected to be held
for the maintenance and operation of the electric road for a period of 15 years.
The Swedish government has set a 2025 deadline for the completion of the design
and construction of the electric road.

In Sweden, Electreon has previously already won a tender to install a
1.65-kilometer (1 mile)  electric stretch used by a bus and a truck on the
4.1-kilometer route between the airport and town center of Visby on Gotland
Island.

Advertisement


Based in the northern Israeli community of Beit Yannai, the startup also has a
number of running partnerships in Europe to pilot its smart road tech in
Germany, France and Belgium. In December, Electreon announced that its
technology will be deployed in the first-ever public wireless road project in
Germany to power a public electric bus in a deal worth €3.2 million.

About a year ago, the startup won a bid to build an electric road system (ERS)
on a public road in Detroit, the long-standing US automotive capital — dubbed
the Motor City — as part of a program called the Inductive Vehicle Charging
Pilot announced by Michigan Governor Gretchen Whitmer. The program aims to test
electrified roads that will hopefully eventually lead to further adoption of EVs
and advance environmental sustainability, according to her office.

Electreon also has a running partnership with the city of Tel Aviv-Jaffa, which
expanded to include large-scale commercial deployment of its wireless charging
infrastructure to power electric buses in Tel Aviv together with the Dan Bus
Company.



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