Chakratec receives European Commission “Seal of Excellence” for Kinetic Energy EV Charging HUBs
After a highly competitive evaluation process, Chakratec is thrilled to announce we’ve been awarded the European Commission Seal of Excellence for our Green Boost: Kinetic Energy HUBs for electric vehicle (EV) charging and grid stabilization. The project was submitted under the Horizon 2020’s EU Framework Programme for Research and Innovation, which has been running since 2014. Securing this nomination means Chakratec’s proposal passed all stringent Horizon 2020 assessment thresholds for the three award criteria: excellence, impact, and quality and efficiency of implementation. Chakratec was one of 562 highly innovative start ups and small and medium enterprises (SMEs) awarded the Green Deal Seal of Excellence in 2020, selected from thousands of applications, and is one of only 46 Israeli startups to receive the accolade.
The European Commission Seal of Excellence is awarded annually following evaluation by an international panel of independent experts, and will help Chakratec receive funding for its innovative kinetic energy charging technology moving forward. The award is a part of the European Commission’s ongoing commitment towards a green and digital transition, with the aim of building a more sustainable Europe. The goal is to support start ups and SMEs that will directly help the EU’s climate mitigation and/or adaption ambition, the transition of industry to a clean and/or circular economy, and the realization of a zero pollution ambition and a toxic-free environment.
Some of the key blocks to the widespread adoption of EVs in Europe are range anxiety, where drivers may run out of power without access to a charge point, and slow charge times for consumers. Despite this, the EU represents the second largest market for EVs globally, with over 560,000 EV registrations in 2019 and 1.8 million cumulative registrations through the end of 2019. Furthermore, EV sales have soared despite coronavirus, with plug in electric car sales up by 171% in August 2020. There’s undoubtedly demand for such technology in Europe, fueled by the EU’s commitment to transition to a greener, more sustainable society.
Chakratec was awarded the Seal of Excellence because it leverages highly innovative technology, kinetic flywheel energy storage, to solve these problems for the fast-adapting European consumer. To tackle range anxiety, Chakratec utilizes proprietary Kinetic Power Booster technology to facilitate the deployment of fast charging stations anywhere, including locations with a weak grid. Flexible configuration means they’re ready for deployment in virtually any area of Europe, regardless of how remote the location. Efficient energy management systems absorb peak loads to prevent high demand charges, while add-on applications such as back-up power systems ensure that EV chargers are always online and ready-to-use.
To tackle slow charging concerns, Chakratec has developed a unique kinetic energy storage system that enables unlimited high power charge and discharge cycles, which is something battery-based charging stations are not equipped to do. Though lithium batteries can be used, multiple charging cycles shorten their lifespan. This leads to frequent battery replacements, making it an overall costly and dismally environmentally polluting solution.
Chakratec’s highly innovative Kinetic EV Charging solution breaks down the barriers to entry for widespread, fast, affordable EV charging anywhere, which is ideal to meet the needs of the ever-growing European market. The patented solution is a cost-effective kinetic energy storage technology that enables a wide range of grid edge applications across a number of industries, including automotive, utility, and real estate. We’re proud to receive the European Commission Seal of Excellence and will leverage it to continue to expand and bring our accessible, sustainable and cost effective EV charging to Europe.