Israeli bus company to invest $2.2M in wireless charging electric roads
15 / 12 / 2018
Wireless charging electric roads just took a big step forward, as Tel Aviv transit service Dan Bus Company announced plans to invest $2.2 million in ElectRoad. ElectRoad’s technology buries electric coils beneath roads to wirelessly charge electric vehicles as they drive.
Future EV drivers may never have to worry about stopping at a charging station with ElectRoad’s technology. Several months ago, investment management company Biomedix Incubator Limited announced an intention to acquire ElectRoad, and just signed a cooperation agreement with Dan Bus Company. Should the merger be completed, Dan Bus Company will invest as much as 8 million Israeli New Shekels (NIS) (around $2.2 million) in ElectRoad.
Related: Israel to test electric roads that wirelessly charge vehicles as they drive
According to Globes, “The agreement with Dan includes an initial NIS 3.1 million investment and options for Biomedix shares amounting to NIS 5 million at a company value of NIS 90 million.”
ElectRoad’s technology uses conduction coils to power electric cars via magnetic induction. They point to zero emissions, high efficiency, and low costs as benefits of their technology. They also say the system could allow for energy sharing between vehicles and the grid.
The startup plans to gradually penetrate the market by focusing on public transportation, such as bus lanes. Globes said in their article, “The investment by Dan and the agreement between the companies indicates that public transportation companies are indeed interested in the technology.”
Dan Bus Company has already rolled out some electric buses that could be charged via cable at departure stations in two to three minutes for a range of 30 kilometers, or almost 19 miles, which they said was enough for the longest urban line. Electric road technology could make such charging unnecessary.