An Israel-based developer of ultra-fast charging for electric vehicles, Zooz Power, caught a distribution agreement to aid in establishing its footprint further in the US market, according to The Times of Israel.
Zooz announced that it had signed a five-year agreement with Blink Charging. As part of the deal, the US electric vehicle charging equipment operator will be Zooz’s distributor for the fast EV power system deployment and sale, which it says could fully recharge batteries within 15 minutes.
Notably, Zooz’s Tel Aviv-listed shares grew 20% in afternoon trading.
A significant milestone in our penetration into the US market, which is developing rapidly and will offer enormous business potential in the coming years.
Zooz’s CEO Boaz Weizer
Zooz’s Kinetic Power Booster (KPB) is based on patented flywheel technology converting electrical energy into kinetic energy. It is designed for places where electric vehicle infrastructure remains behind or where the electricity grid isn’t yet powerful enough to give that boost.
The boosters are modular, take up around half a parking space, and could be placed in key areas like airports, hotels, and parking lots.
As the demand for convenient and accessible long-range EV charging grows, it is imperative that we provide EV drivers with dependable and sustainable solutions, and Zooz provides just that.
Blink Charging CEO Michael D. Farkas
Zooz & Blink Charging
In addition, Zooz works with Nasdaq-listed Blink Charging on an R&D pilot program partially funded by the BIRD Foundation to try out the system’s capability to ensure ultra-fast charging of EVs in sites where the electric grid is power-restrained.
The pilot site in Fort Lauderdale, Florida, is anticipated to be operational in the second quarter of next year. Blink Charging operates more than 51,000 charging ports installed in 25 countries worldwide.
US plans to build a national network of EV chargers
The announcement of the distribution deal follows a day after US President Joe Biden tweeted about plans to build 500,000 EV charging stations in the country to address the climate crisis.
By the end of September 2022, the White House approved all 50 US states to access $1.5 billion in federal funding to develop the chargers covering 75,000 miles (120,700 km) of highway across the country.
The current administration set up a goal of producing a national network of 500,000 EV chargers by 2030 to align with the aim of half of all new vehicles sold in that year will be electric.
As part of a Bipartisan Infrastructure Law, $5 billion in funding will be given over the next five years to back the national network.
Furthermore, Zooz signed a binding memorandum of understanding (MoU) for a pilot with a global car rental services giant to operate a pilot for ultra-fast charging infrastructure at NYC’s LaGuardia Airport last month.
In September, the Lod-based company won a New York-Israel Smart Energy Innovation Challenge worth $1 million. The award means the state could partner with Zooz to advance New York’s clean energy goals.
