Xylo Technologies: Charging Robotics Secures First Commercial Order for EV Wireless Charging Systems in Automatic Car Parks
Xylo Technologies announces that Charging Robotics, a company it owns a 67% stake in, has received its first commercial order for its wireless EV charging systems from Parking Design. This order entails the deployment of 12 systems in automatic parking facilities, to be fulfilled throughout 2025. The wireless charging system uses AI and machine learning to optimize EV charging, ensuring efficient and prioritized energy distribution. This innovation aims to enhance the convenience and sustainability of automated parking solutions. A pilot project was recently completed in Tel Aviv, marking a significant milestone in their collaboration.
- Charging Robotics secured its first commercial order for 12 wireless EV charging systems.
- The systems will be deployed in automatic parking facilities by Parking Design.
- Fulfillment of the order is scheduled throughout 2025.
- The technology leverages AI and machine learning to optimize EV charging.
- None.
Xylo Technologies' announcement regarding Charging Robotics' first commercial order for wireless charging systems is a potentially significant development. This new revenue stream from Parking Design Ltd. could positively impact Xylo's financial performance. The order for 12 systems, set for fulfillment in 2025, represents initial revenue but also opens the door for larger future orders.
This deal indicates market validation for Charging Robotics' technology, suggesting potential future growth and adoption in the EV market. Investors should consider how this aligns with broader trends in EV infrastructure and automated parking solutions. While the initial revenue may be modest, the long-term implications could be substantial, driving growth and increasing shareholder value.
One concern is the reliance on successful fulfillment and performance of these systems. Any technical issues could negatively impact company reputation and future orders. However, if the technology performs as expected, this could place Xylo at the forefront of an emerging market segment.
From a technology standpoint, Charging Robotics' wireless charging system leverages artificial intelligence and machine learning to optimize EV charging in automated parking facilities. This innovation addresses a critical pain point in the EV market: efficient and convenient charging.
The integration of AI and machine learning to manage charging based on parameters like departure time and driving habits is an advanced feature that enhances the system's value proposition. This strategic use of technology could significantly improve user experience and operational efficiency in automated parking environments.
However, the long-term success of these systems will depend on their real-world performance and reliability. Potential issues such as system maintenance, user adaptability and technological robustness need to be monitored. Initial pilot results from Tel Aviv should provide valuable insights into these aspects.
The collaboration between Charging Robotics and Parking Design Ltd. signifies a noteworthy step in the evolution of EV infrastructure, particularly within automated parking facilities. This alliance could catalyze broader adoption of wireless charging solutions, aligning with the increasing demand for sustainable and efficient urban mobility solutions.
The strategic positioning within the automated parking sector provides a competitive edge, as it directly taps into a growing niche market. The implementation of these systems could set a precedent, encouraging other parking solution providers to adopt similar technologies, thereby expanding Charging Robotics' market reach.
However, market acceptance and scalability remain key challenges. The successful integration and user acceptance of these innovative systems will determine their broader applicability. If the technology proves effective, it could lead to substantial market growth and establish Charging Robotics as a leader in this space.
TEL AVIV, Israel, June 27, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo”), a technology-based company engaged in advanced innovative technologies, announces today that Charging Robotics Inc. (OTC: CHEV) (“Charging Robotics”), an innovator of wireless charging solutions held
The purchase order is for a first batch of 12 systems, capable of wireless charging. This innovation ensures that several EVs can be charged at the same time, significantly improving the efficiency and convenience of automatic parking facilities.
The order is scheduled to be fulfilled throughout 2025, ensuring that the systems are fully operational and integrated into Parking Design’s facilities within the year.
Charging Robotics' system leverages machine learning and artificial intelligence algorithms to efficiently manage EV charging in automatic parking facilities. This technology addresses the increasing demand for electricity by prioritizing and optimizing the charging sequence for electric vehicles (EVs) based on various parameters, such as planned departure time, vehicle type, and individual driving habits.
Charging Robotics recently installed its wireless charging system under a pilot project in an automatic parking facility in Tel Aviv, Israel.
Parking Design specializes in innovative parking solutions, providing comprehensive designs that maximize space efficiency and improve user convenience. This collaboration with Charging Robotics is set to revolutionize how EVs are managed and charged within automated parking environments, ensuring sustainability and operational excellence.
About Charging Robotics
Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for EVs. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app that instructs an autonomous robot, which navigates under the EV for access and charging capabilities. Charging Robotics’ stationary systems offer various charging solutions, including automatic car parks where the company’s system enables EVs to charge in places where drivers cannot connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com
About Xylo
Based in Israel, Xylo Technologies Ltd. (Nasdaq: XYLO) is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Xylo’ affiliations in the medical solutions arena include the ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs’ Brands and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics, Inc. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. Other affiliations of the Company include Parazero Technologies Ltd. and Zig Miami 54 LLC.
Xylo is traded on The Nasdaq Capital Market. To learn more about Xylo’s advanced technologies, please visit https://ir.xylotech.ai/.
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 Xylo’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Xylo could differ materially from those described in or implied by the statements in this press release. For example, Xylo uses forward looking statement when describing the potential of Charging Robotics and Parking Designs’ collaboration to impact the automatic parking market.
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, Xylo 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. Xylo is not responsible for the contents on third-party websites.
Company Contact:
Tali Dinar
Chief Financial Officer
ir@medigus.com
Investor Relations Contact:
Michal Efraty
Investor Relations,
michal@efraty.com
FAQ
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