ZOOZ Power announces first installation in Israel in collaboration with Afcon Electric Transportation

ZOOZ Power has received approval and funding from the Innovation Authority for the installation and operation of a pilot for ultra-fast EV charging infrastructure in Israel.

The objective of the pilot is to set up an ultra-fast charging station for electric vehicles at sites where the electricity grid is power constrained without the need to upgrade the power grid, thanks to the ZOOZ Power’s Power Booster, which is based on the company’s technology for kinetic energy storage in flywheels.

Israel, 14 April 2022 – ZOOZ Power (TASE:ZOOZ) announces that it has received approval from the Innovation Authority for a Pilot program for the installation and operation of ultra-fast charging infrastructure for electric vehicles, based on the company’s Kinetic Power Booster. The budget approved for the pilot is about ILS 3.37 million, with the Innovation Authority contributing 40% – i.e., ILS 1.35 million. The pilot period extends from February 2022 to January 2024.

The pilot will be executed in collaboration with Afcon Electric Transportation, which will be responsible for construction and operation of the charging site. The objective of the pilot is to set up an ultra-fast charging station for electric vehicles at a site where the electricity grid is power-limited, without the need to upgrade the existing electricity grid, using ZOOZ Power’s innovative KPB-100 Power Booster system, which is based on the company’s technology for storing kinetic energy in flywheels. As part of the pilot, advanced energy management software developed by ZOOZ Power will be integrated into the charging infrastructure, to optimize energy consumption from the site’s existing grid infrastructure, without adversely impacting other needs on that site.

This pilot is a first business collaboration with Afcon Electric Transportation and follows on from Afcon’s investment in ZOOZ Power in the context of the recently completed financing round, in which Afcon became an interested party of the company.

Boaz Weizer, CEO of ZOOZ Power, said: “In recent months we have seen more and more Israeli companies announcing their intention to install fast charging infrastructure, realizing that such infrastructure is critical to facilitate acceleration of the transition to electric vehicles. Together with this trend, it is becoming ever clearer that the electricity grid power capacity is a significant barrier as it cannot support the power needed for ultra-fast charging, and cannot be upgraded to the extent and at the pace required for expected market penetration for electric vehicles. This is precisely the gap targeted by our solution, the Kinetic Power Booster, which makes it possible to install ultra-fast charging infrastructure even in places where the electricity grid is power-limited. I am pleased to announce the first installation in Israel of our innovative brand-new system, the KPB100, which we are launching in the weeks ahead. I attach great importance to this installation being supported by the Innovation Authority and the Ministry of Energy, and in collaboration with Afcon Electric Transportation, which is leading the rollout of fast charging infrastructure in Israel. I believe that this installation is only the beginning of a fruitful and successful collaboration for both companies.”

Udi Eliyahu, CEO of Afcon Electric Transportation, said: “As the leading company in Israel in the rollout of a public charging network, we very much welcome this pilot with ZOOZ Power. Ultra-fast charging is an important component of our recharging network. Afcon Electric Transportation already has both fast and ultra-fast recharging stations spread out from Dan to Eilat and, by using the ZOOZ Power Booster, we will be able to also install stations in locations where the existing electrical grid does not support ultra-fast charging without ZOOZ Power’s product.”

About ZOOZ Power

ZOOZ is a leading supplier of Flywheel-based Power Boosting solutions enabling ultra-green, ultra-fast electric vehicle charging anywhere.

We are committed to eliminating range anxiety and helping to accelerate the mass adoption of electric vehicles around the world. Our goal is to enable the vast roll-out of cost-effective ultra-fast charging infrastructure while overcoming existing grid limitations sustainably.

ZOOZ pioneers its unique flywheel-based power boosting technology, enabling unlimited high-power charge & discharge cycles with a lifespan of more than 15 years, thus providing minimal total cost of ownership for ultra-fast EV charging infrastructure. As our product is based on kinetic energy storage in flywheels, it is non-toxic, nor based on rare-earth materials, making it intrinsically green.

Our sustainable, power boosting solutions are built with longevity and the environment in mind, helping our customers and partners create the world’s most sustainable, reliable, long-lasting and cost-effective fast-charging solutions.

Founded in 2013 and headquartered in Lod, Israel, ZOOZ is working globally with leading utilities, charge-point operators, energy and real estate companies, to deploy first-of-their-kind kinetic-powered EV ultra-fast charging stations.

ZOOZ is a public company, traded on the Tel Aviv Stock Exchange (TASE: ZOOZ).