Medigus: Charging Robotics Targets the $1.8 Billion Automated Parking Market for EV Wireless Charging Solution
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Insights
The announcement by Medigus Ltd. regarding its subsidiary Charging Robotics' funding for a pilot project in wireless EV charging technology holds significant relevance within the electric vehicle infrastructure and automated parking system markets. The financial backing from the Israel Innovation Authority is a testament to the project's potential for innovation and its alignment with governmental goals for sustainable transportation.
From an industry perspective, the integration of wireless charging into automated parking systems addresses a crucial bottleneck in EV infrastructure, potentially accelerating the adoption of electric vehicles by offering a more convenient charging solution. The global Automated Parking System market, valued at USD 1.8 billion in 2022 with a projected growth to USD 5.2 billion by 2032, indicates a substantial opportunity for companies like Charging Robotics. The anticipated compound annual growth rate (CAGR) of 11.4% reflects a robust market trajectory that could be further propelled by advancements in complementary technologies such as wireless charging.
Strategically, this innovation could enhance Medigus' market position and create new revenue streams. However, the scalability and commercial viability of the technology post-pilot phase will be critical for long-term success. Stakeholders should monitor the project's progress and look for strategic partnerships, intellectual property developments and potential cost reductions in the technology that could impact market dynamics.
The financial support from the Israel Innovation Authority, covering 50% of the pilot project's budget, mitigates initial investment risks and underscores the project's alignment with national innovation objectives. Medigus' investment in Charging Robotics could potentially yield a strong return on investment if the technology gains traction, considering the funded pilot's budget of approximately USD 445,000.
Investors should note the synergy between the burgeoning EV market and automated parking systems, which could drive demand for Charging Robotics' solution. The pilot's outcome will likely influence Medigus' stock performance in the near term. A successful demonstration could lead to increased investor confidence and potentially an uptick in Medigus' stock price on the Nasdaq. Conversely, any setbacks could have a dampening effect.
It is also important to consider the competitive landscape, as other companies may also be developing similar technologies. The intellectual property and first-mover advantage will be key factors in determining the long-term financial impact of this initiative on Medigus and its stakeholders.
The technological implications of wireless charging in automated parking systems represent a significant leap forward in addressing the practical challenges of EV charging. The ability to charge without manual intervention caters to the increasing demand for convenience and efficiency in urban environments, where space and time are at a premium.
The seamless integration of such technology is crucial for widespread adoption, as it minimizes disruption to existing infrastructure. The use of a dedicated smartphone application for system operation indicates a user-friendly approach, which is essential for consumer acceptance. However, the technological complexity and potential cybersecurity risks associated with wireless communication and control systems must be carefully managed.
As this technology moves from pilot to commercialization, the focus will shift to issues of standardization, interoperability with different vehicle models and the long-term reliability of the wireless charging systems. These factors will play a critical role in the technology's adoption rate and its impact on the future of transportation and urban planning.
Charging Robotics received funding from the Israel Innovation Authority for its pilot project to develop and demonstrate its solution for wirelessly charging electric vehicles in automated parking systems.
Tel Aviv, Israel, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced the launch of a unique pilot of a wireless charging solution to meet the growing demand for electric vehicle (EV) charging in automated parking systems.
This project was led by Charging Robotics Ltd., an innovator in wireless charging solutions and a subsidiary of Fuel Doctor Holdings, Inc., (“FDOC”) a Delaware corporation listed on the OTC Market and owned by Medigus (
Charging Robotics specializes in developing cutting-edge wireless charging solutions designed to seamlessly integrate into the evolving landscape of electric vehicle (EV) infrastructure. Charging Robotics is at the forefront of innovation, focusing on the creation of wireless charging systems that can be deployed in various settings, including automated parking systems.
In August 2023, the company announced that it started a pilot project with an automatic car park provider in Israel to evaluate Charging Robotics' wireless charging system for electric vehicles. For that purpose, in November 2023, the company secured funding from the Israel Innovation Authority to fund the pilot project. The total approved budget for this project is approximately NIS 1.2 million (approximately USD 445,000), of which the Israel Innovation Authority will finance
According to Market.us1, the global Automated Parking System market was valued at USD 1.8 billion in 2022 and is expected to grow to USD 5.2 billion by 2032. Between 2023 and 2032, this market is estimated to register a CAGR of
The wireless charging system is set to answer the unmet need of charging EVs in automatic car parks. Automatic car parks are gaining popularity as they offer an ultra-efficient solution to park cars, while also reducing expensive real estate costs. However, since these are automated facilities, currently there is no way for the driver to connect a charging cable to the vehicle. This is a major concern and a market restrain for automated parking manufacturers and EV manufacturers, particularly in areas where electric vehicles are growing rapidly- this is the con Charging Robotics aiming to address.
Besides enabling EV charging in automatic car parks, the wireless charging system has numerous advantages, including:
Seamless Integration: the wireless charging system will be seamlessly integrated into the automatic car park infrastructure, requiring minimal modifications to the existing layout. This ensures a minimum installation process while maximizing parking capacity
Convenient Charging Experience: drivers will start the system using a dedicated smart phone application, which will also notify the driver about the charging process
Scalability and Adaptability: the system’s modular design enables easy scalability, allowing the parking lot operator to increase the number of chargers in the facility based on the number of electric vehicles. The system will be able to charge all electric vehicles at efficiencies of >
About Charging Robotics
Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for electric vehicles. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app so that an autonomous robot will navigate under the vehicle and charge it. Stationary systems offer various solutions for example in automatic car parks allowing to charge EVs in places where drivers can’t connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com/
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus' affiliations in the medical solutions arena include ownership in Polyrizon Ltd. and ownership in industry 4.0 company, ScoutCam Inc. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. For example, Medigus uses forward looking statement when describing the potential of the automated parking market and the wireless charging system’s ability to satisfy market needs.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com
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