Tel Aviv, April 21, 2021 – Management of Chakratec, a leading provider of flywheel-based energy storage solutions for electric vehicle (EV) charging, opened trading this morning in Celebration of its IPO on the Tel Aviv Stock Exchange (TASE).
Chakratec is one of 34 new companies listed on TASE since the beginning of the year, raising more than 3 billion NIS in aggregate. Among the new entrants are 10 cleantech companies, including Chakratec, which at the beginning of June will join the TA-Cleantech Index, currently comprising shares of 17 companies with a total market cap of 42 billion NIS.
Chakratec’s game-changing EV charging technology solution aims to resolve a significant barrier for electric vehicles’ mass adoption – the “range anxiety” – by allowing a vast deployment of fast-charging infrastructure. Chakratec’s technology enables grid power-boosting by a simple and rapid implementation of a sustainable and cost-effective kinetic energy storage solution, that outperforms competing batteries-based solutions, and allows EV’s ultra-fast charging, in less than 15 minutes, even in locations where the grid is power-constrained.
The company’s innovative energy storage system, called the “Kinetic Power Booster”, stores energy in fast rotating flywheels, providing a sustainable and cost-effective solution capable of high-power, multiple, and frequent charge/discharge cycles and characterized by a high level of performance and reliability over many years of service.
Chakratec raised 27.4 million NIS ($8.3M) in a book building IPO of shares and warrants to institutional investors and in a Dutch auction to the public.At the end of trading on June 3, 2021, the shares of the company are expected to join TASE’s TA-Growth, TA Tech-Elite, TA-Global BlueTech, TA-Technology, TA-Cleantech and TA-Energy Utilities indices, under the new companies’ “fast-track” entrance.
Boaz Weizer, CEO of Chakratec, said: “I am grateful and proud of the Israeli capital market and public’s vote of confidence in the company and its business goals. Joining TASE is an important milestone in Chakratec’s exciting journey from an innovative groundbreaking startup to a company realizing its vision of playing a key role in the global electric vehicles revolution and expanding to other fields of the rapidly evolving sustainable energy market. We are preparing ourselves to accommodate substantial demand for our products, as part of the global trend of infrastructures upgrade to allow accelerated transition to electric vehicles. I would like to thank our shareholders for their ongoing support and faith in the company and cannot stress enough the invaluable contribution of our employees and management team. Our team’s creativity, professionalism, and commitment, enabled the significant achievement so far, and provided a solid base for an exciting future to come. With our outstanding team, there is no limit to what we can achieve as we boldly continue to pursue the company’s tremendous potential. In addition, as we reach this milestone of IPO, I would like to thank the great team who contributed to this achievement – our lawyers from “Shibolet”, our accountants from PwC and our underwrites from Leumi Partners and Apex Issuances Ltd. We highly appreciate their guidance, commitment and hard work.”
Hagit Mika, Economist at TASE’s Listings Unit, said: “The green energy sector has been gathering momentum both locally and globally, offering us an opportunity to take part in the environmental revolution and promise a better future for us and for our children. We congratulate the management and employees of Chakratec and look forward to seeing you grow and develop, towards a greener future for both investors and the Israeli economy.”
In the picture from right to left: David Pincu, Co-Founder and VP R&D of Chakratec; Nir Zohar, Co-Founder and Chief Customer Officer of Chakratec; Shai Hod, CEO of iArgento Group and Director in Chakratec; Ilan Ben David, Co-Founder, Director and CTO of Chakratec; Danny Weintraub, Co-Chair of Capital Nature, CEO of ProSeed Venture Capital Fund and Director in Chakratec; Calanit Valfer, Co-Founder and Managing Partner of Elah Fund and Director in Chakratec; Boaz Weizer, CEO of Chakratec; Hagit Mika, Economist at TASE’s Listings Unit; and Hani Shitrit Bach, EVP and Head of Listings at TASE.
Photography credit: Sivan Farag, free of charge.
Chakratec (TASE: CKRT) is a leading provider of energy storage systems, based on a unique patented and sustainable technology, for storage of kinetic energy in flywheels. Chakratec products are optimized to allow ultra-fast charging of electrical vehicles (EVs) anywhere, even where the existing electricity grid infrastructure is power-constrained.
The EV market is growing and developing rapidly with worldwide regulatory support to accelerate the transition to EVs. It is forecasted that by 2030, the EV market will exceed 150 million units. An extensive rollout of fast-charging points along roads and highways is critical to overcoming the main obstacle to EV mass adoption – the “range anxiety” (the concern of vehicle owners that they will run out of battery before they reach a charge point and so will not be able to utilize their EVs on medium- and long-range journeys given the limited range of the EV’s battery and the long time required to recharge it). To date, fast and ultra-fast EV chargers can only be installed where the grid infrastructure can support high-power supply (i.e. near high voltage lines — transmission grid). This leaves most roads without viable or cost-effective EV fast-charging solutions, creating high barrier for EV penetration in those areas. Upgrading grid infrastructure, at the required pace and volume, is not practical, nor economical. Chakratec’s solution can be integrated, easily and rapidly, to boost the grid infrastructure anywhere, and by that to allow vast deployment of ultra-fast charging stations, capable to charge an EV’s battery in less than 15 minutes. Thus, Chakratec brings enabling innovation aiming to accelerate the EV revolution, through a reliable, safe, and sustainable energy storage solution with significant cost and performance advantages over competing battery-based solutions.
Chakratec, founded in 2013, is headquartered in Lod, Israel.
For more information, visit www.chakratec.com