ZOOZ Power Partners with Dor-Alon, a Leading Gas-Station Network Operator in Israel and “ON”, The Leading Charging Network in Israel, To Boost Ultra-Fast Charging Infrastructure Along Cross-Israel Highway
ZOOZ Power announced a partnership with Dor-Alon and “ON” to enhance ultra-fast EV charging along Israel’s Route 6. The collaboration upgraded an existing charging site to accommodate four 150kW ultra-fast chargers, enabled by ZOOZ’s ZOOZTER™-100 Power Booster and proprietary Energy Management System. This development follows a successful pilot project and aims to improve EV driver experiences and support EV adoption. Another site on Route 6 is slated for upgrade in Q2 2024.
- Successful deployment of ZOOZ Power's solutions at a highly congested transportation corridor in Israel.
- Enhanced EV charging capability from one ultra-fast and two fast chargers to four ultra-fast chargers.
- Use of ZOOZ's ZOOZTER™-100 Power Booster and proprietary Energy Management System.
- Improved service to EV drivers, potentially boosting EV adoption.
- Operational success of previous pilot project at Dor-Alon station 'Mall-Zichron'.
- Planned expansion of enhanced charging infrastructure on Route 6.
- Dependence on grid power may present scalability challenges.
- Investment and upgrades may require significant capital expenditure.
The successful deployment of ZOOZTER™-100 Power Booster and Energy Management System (EMS) by ZOOZ Power marks a significant development in the EV charging infrastructure sector. These technologies enable ultra-fast charging by optimizing the limited power available from the grid, thereby supporting multiple charging ports simultaneously. This is particularly important for high-traffic areas such as the Cross-Israel Highway, where demand for quick and efficient charging is high. The implementation of four ultra-fast chargers, each with 150kW capacity, represents a remarkable upgrade from the prior setup. This expanded capability not only meets immediate user demands but also showcases the scalability of ZOOZ's solution for future deployments. The move to upgrade another site on Route 6 highlights the potential for widespread adoption of this technology in other regions. Investors should note the innovative application of flywheel-based power-boosters in overcoming grid limitations, a common challenge in EV infrastructure expansion.
The collaboration between ZOOZ Power, Dor-Alon and Afcon Electric Transportation positions the partnership to capture a significant share of Israel's growing EV market. By enhancing the charging infrastructure along one of the nation's most trafficked highways, the companies are addressing a key barrier to EV adoption: the availability of rapid charging options. This strategic alignment with market demand enhances consumer convenience, potentially accelerating the adoption of electric vehicles. Furthermore, the successful pilot project at Mall-Zichron serves as a proof of concept, improving investor confidence in the scalability and effectiveness of ZOOZ's solutions. The anticipated launch of an additional upgraded site along Route 6 further solidifies this partnership's commitment to expanding EV infrastructure. For retail investors, the market positioning and strategic partnerships underline the potential for sustained growth in ZOOZ's market share and revenue streams.
Financially, the partnership between ZOOZ Power, Dor-Alon and Afcon Electric Transportation to deploy ultra-fast charging sites along the Cross-Israel Highway is poised to yield positive results. The upgrade from a single ultra-fast charger to four, with eight ports, suggests a significant increase in daily charging transactions, leading to higher revenue per site. The deployment of the ZOOZTER™-100 Power Booster and EMS should also result in cost savings and improved profitability due to efficient power management. Given the successful pilot at Mall-Zichron, the expected rollout of similar upgrades at additional sites further indicates a solid growth trajectory. Investors should consider the implications of enhanced infrastructure on ZOOZ's bottom line, with the potential for increased earnings and positive cash flow metrics in the coming quarters. The strategic expansion along key transportation corridors suggests a well-planned approach to market penetration and revenue optimization.
Tel-Aviv, May 23, 2024 (GLOBE NEWSWIRE) -- ZOOZ POWER Ltd. (NASDAQ and TASE: ZOOZ), a leading provider of flywheel-based power-boosters for enablement of ultra-fast EV-charging, announced today the successful deployment of its innovative Power Boosting solution, enabling the upgrade of the “ON” charging site at Dor-Alon Station on Route 6, the Cross-Israel Highway, one of Israel’s most congested transportation corridors.
The upgraded site is the outcome of a fruitful collaboration between ZOOZ Power and "ON” charging network, the leading ultra-fast charging network in Israel (a joint operation of Dor-Alon, a leading gas-station network operator, and Afcon Electric Transportation, a leading CPO in Israel). This ensembled effort aims to address the growing demand for ultra-fast charging capabilities, and provide better services to EV drivers, on this main route, while overcoming the limitations posed by the electricity grid in that site. ZOOZ’s innovative solution, based on the ZOOZTER™-100 Power Booster and ZOOZ’s proprietary Energy Management System (EMS), is aimed to enable “ON” to provide better charging services on site, by upgrading the previous configuration (1 ultra-fast charger and 2 fast chargers), which was limited due to the available grid power, to four ultra-fast (150kW) chargers, supporting eight charging ports, with ZOOZ’s solution boosting the grid, and managing the chargers’ power, to support this upgraded configuration.
"This is a significant milestone in facilitating fast-charging services to the Israeli EV drivers, and improving their driving experience and, as a result of that, helping EV adoption vision to become a reality" said Avi Cohen, ZOOZ Power Executive Chairman. "Together with Dor Alon and Afcon, we provided a cutting-edge solution showing that our technology allows to accelerate the deployment of EV charging infrastructure with multiple ultra-fast charging ports, while smartly utilizing the limited grid available on site, enabling growth of utilization and empowering charging stations profitability more rapidly and efficiently."
This is another step of collaboration between the parties, following on the success of a Pilot project in which the parties established an ultra-fast charging site at the Dor-Alon station "Mall-Zichron" in Israel, which is commercially operational since January 2023. The operational success of that project laid the groundwork for expanding the partnership to support “ON” charging sites on the main transportation corridor in Israel.
The parties plan to implement ZOOZ’s solution and upgrade an additional site of “ON” on Route 6, the Cross-Israel Highway. This additional upgraded charging site, in the southern part of this highway, is expected to open in the second quarter of 2024.
About ZOOZ Power
ZOOZ is the leading provider of Flywheel-based Power Boosting solutions enabling widespread deployment of ultra-fast charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations.
ZOOZ pioneers its unique flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Our Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.
Our sustainable, power-boosting solutions are built with longevity and the environment in mind, helping our customers and partners to accelerate the deployment of fast-charging infrastructure, thus facilitating greater utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth.
ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ
For more information, please visit: www.zoozpower.com/
Investor Contact:
Miri Segal – CEO
MS-IR LLC
msegal@ms-ir.com
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this press release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy, future operations and statements related to the collaboration between ZOOZ Power and "ON” charging network (including any plans to implement ZOOZ Power’s solution and upgrade an additional site of “ON” on Route 6) are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by the Company from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the limited operating history and evolving business model that make it difficult for investors to evaluate ZOOZ Power’s business and future prospects, material weaknesses identified in ZOOZ Power’s internal control over financial reporting and the potential results of ZOOZ Power being unable to remediate these material weaknesses, or identify additional material weaknesses in the future or otherwise failure to maintain an effective system of internal control over financial reporting, ZOOZ Power’s management’s determination that substantial doubt exists about the continued existence of ZOOZ Power as a “going concern”, changes to fuel economy standards or changes to governments’ regulations and policies in relation to environment or the success of alternative fuels which may negatively impact the EVs market and thus the demand for ZOOZ Power’s products, delays in deployment of public ultra-fast charging infrastructure which may limit the need and urgency for ZOOZ Power’s products, and conditions in Israel and in the Middle East, including the effect of the evolving nature of the ongoing “Swords of Iron” war, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. Management of ZOOZ Power has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.
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