Israel, 14 April 2022 – Chakratec (TASE:CKRT) 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 Chakratec’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 Chakratec 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 Chakratec in the context of the recently completed financing round, in which Afcon became an interested party of the company.
Boaz Weizer, CEO of Chakratec, 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 Chakratec. 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 Chakratec Booster, we will be able to also install stations in locations where the existing electrical grid does not support ultra-fast charging without Chakratec’s product.”
Chakratec develops and markets kinetic energy storage systems that enable ultra-fast charging of EVs, even where the existing grid infrastructure is power-limited. The product developed by the company is based on a unique and patented technology flywheel-based kinetic energy storage, and can be integrated into any site where the electricity infrastructure is weak and limited in capacity.
The technology developed by Chakratec offers a solution to the limitations of the electrical grid which is a key barrier hindering the extensive rollout of fast-charging infrastructure for electric vehicles, thus limiting the slowing the transition to EVs, due to “range anxiety” (vehicle owners’ fear that they will not be able to use their cars for mid- and long-range journeys, in view of the range limitation of the vehicle’s battery and the long period of time required to recharge it). By enabling broad distribution of fast charging points (less than 15 minutes per charge), even in locations where the power grid is incapable of supplying the required power output, the EV revolution can by accelerated. Chakratec’s energy storage system is a ‘green’ solution that is reliable and safe, and which has a significantly lower total cost than competing battery-based solutions.