Toyota, which so far has not been in a hurry to follow the trend of switching to electric vehicles, is taking it up a notch and partnering with the Israeli company “ElecTreon” to further promote the new angle for the motor vehicle industry.
Electreon, whose development and testing center is located in Beit Yanai, reported today to the stock exchange that it had signed a strategic cooperation agreement with Toyota and with the Japanese company Denso, which produces components and technologies for the automotive industry, in which Toyota owns 25% of the shares.
Electreon partners Toyota Motor Corporation and DENSO to jointly develop an advanced wireless vehicle kit (vehicle receiver). The partners will work to deploy wirless charging tech through aftermarket solution; integration in new models https://t.co/KtTc4t4K8G pic.twitter.com/yWaLf6ygX9
— ExpressMobility (@XpressMobility) March 24, 2023
The company, founded in 2013, develops technology that allows electric vehicles to be charged while driving, using wireless charging from special electrical coils that will be buried under the asphalt. This is a measure designed to provide an answer to the slow pace of deployment of charging stations in cities and beyond, and the difficulty of increasing the supply of electricity to all homes and businesses for vehicle charging.
The limitations of the charging network were one of Toyota's reasons for its slow entry into the field of electric vehicles so far. While European, American, and Chinese manufacturers launch new electric models on a regular basis, the largest car manufacturer in the world currently produces only two electric models under its name, the BZ4x crossover that is also sold in Israel, and BZ3 in China, and two Lexus models, the UX300e and the new RZ.
Electreon (TASE: ELWS), has come to an agreement to jointly develop an advanced wireless vehicle kit i.e vehicle receiver based on Electreon's existing technology and knowledge with TOYOTA MOTOR CORPORATION and DENSO CORPORATION. https://t.co/wO3noZw64Q
— jhanselman (@jhanselman) March 24, 2023
The new agreement, which comes after Toyota personnel arrived in Israel for a prolonged technological evaluation of Electreon, should allow Toyota to promote a new charging channel, in Japan and abroad. As part of the experiment conducted by Toyota in Beit Yanai, the Rav4 plug-in was converted to be charged from the road. Electreon's technology will allow the actual range extension of hybrid vehicles, which Toyota already offers in some of its models, such as the Prius and some Lexus models."
Oren Ezer, CEO of Electreon, told Israeli reporters "this is our first agreement with a car manufacturer and another one that sold about 10.5 million cars in 2022. Seeing the power of their production lines, when they talk about getting ready to prepare our production line is very exciting."
Check out the latest #Toyota breakthrough in electric vehicles! 🚗⚡ Toyota hits the road with wireless charging for EVs. https://t.co/BGh8xjpTWi Watch the video now to learn more about the game-changing technology from Israeli company Electreon. Read at https://t.co/gHMDTF6lTv pic.twitter.com/RlBfTLxXyf
— Torque News (@torquenewsauto) March 26, 2023
Toyota's goal is to establish a consortium of companies, including electrical companies. Toyota has already committed to reducing its carbon footprint, and switching to electric charging from the road could be one way. The intention is to promote projects not only in Japan but also in Europe and the US.”
FAST - CHARGING EV BATTERY ! Toyota created an electric vehicle (EV) battery that can be fully charged within 10 minutes and can cover a distance of around 500 km on a single charge. ?? pic.twitter.com/zq5pEZg9oC
— shashwat amrev (@AmrevShashwat) March 26, 2023
Following the report to the stock exchange, Electreon's stock jumped 14%, and the company trades at a market value of 798 million NIS, after losing 50% of its value in the past year.
