ZOOZ Power receives first orders of its 2nd-Gen Kinetic Power Booster and signs contracts for the deployment of 2 EV fast-charging stations in Germany
The scope of the contracts is about 1 million euros, with about 70% constituting the consideration to ZOOZ Power, for the supply and installation of the Kinetic Power Boosters (KPB100). Additional sites, based on the same framework of contracts, are in the pipeline.
TEL AVIV, Israel, Dec. 14, 2021 /PRNewswire/ — ZOOZ Power (TASE: ZOOZ), a leading provider of kinetic (flywheel-based) power boosters, for enabling electric vehicle (EV) fast-charging anywhere, announced today first orders of its 2nd-gen product – the Kinetic Power Booster (KPB100), and for finalizing of contracts for the construction and operation of two EV fast-charging stations in two different sites in Germany.
ZOOZ Power’s Kinetic Power Booster (model KPB100) will be installed at each of the sites and will enable fast charging of electric vehicles, despite the power constrains of the electricity grid at these sites.
The charging stations will be operated by ZOOZ Power’s partner in Germany, for 15 years with an optional extension for additional 5 years.
ZOOZ Power will be entitled, during this period, to additional fee for the maintenance and operation of the kinetic power boosters. In addition, a profit-sharing mechanism has been established, according to which ZOOZ Power will be entitled to approximately 15% of the operating profit of the fast-charging facilities. The agreements with the customer constitute the framework for the construction of additional facilities in the near future, with the potential order of 4 additional KPB100 systems.
Boaz Weizer, CEO of ZOOZ Power said: “I am pleased to update on the first commercial sales of the advanced generation of our kinetic power booster systems, in Germany – one of the most advanced markets, executing the electric vehicles revolution. This agreement, under which we will provide a complete turnkey solution and deploy 2 fast charging stations for electric vehicles, is a testament to the significant added value that our Kinetic Power Boosters provide to our customers, enabling the deployment of EV fast-charging stations in locations where the electricity grid is power-constrained. This deal is an example of how we are implementing our strategy for promoting our products and educating the market about their benefits, while providing a complete, turnkey solution of EV fast-charging stations, with the support of local partners with complementary capabilities. This deal also serves as a model for other customers and positions us as a significant player in the EV charging infrastructure market in Germany and in Europe in general, being the first supplier to provide a cost-effective, sustainable (not based on Lithium-Ion batteries) and proven solution, dealing with power-constrains of the grid infrastructure. We are providing the right solution, at the right time, for a fast-growing market that is expected to be accelerated by government grants and private investment, aiming to build the infrastructure that is so crucial to realizing the vision of the transition to electric vehicles. I am happy and proud to take part in this revolution, with a unique solution, based on Israeli innovation, which is an enabler for a fast-charging infrastructure, allowing wide deployment of such infrastructure anywhere. I believe that this announcement is the first of many more to come, leading to significant interest in Germany and other countries across Europe in our solution. Thus, it reflects the huge potential for the company’s products, in the rapidly evolving market of EV fast-charging infrastructure.”
For more information, please refer to ZOOZ Power’s Immediate report, issued on December 7th, 2021
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)
