Zooz Power, an Israeli developer of an ultra-fast power booster for electric vehicles (EVs), has signed a distribution agreement that will help it expand its presence in the US market.
Zooz launched a five-year partnership with Blink Charging on Sunday. As part of the agreement, Zooz will be Zooz’s distributor for the sale and deployment of its fast EV power system, which it claims can fully recharge batteries in 15 minutes. In afternoon trading, Zooz’s Tel Aviv-listed shares rose 20%.
The agreement, according to Zooz CEO Boaz Weizer, is another “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 Kinetic Power Booster (KPB) turns electrical energy into kinetic energy and is designed for regions where EV infrastructure is still lacking or where the electricity grid is not yet robust enough to provide that rapid boost. The boosters are modular, take up around half a parking space, and may be deployed at strategic locations such as parking lots, airports, and hotels. “As the demand for convenient and accessible long-distance EV charging grows, it is critical that we provide EV drivers with dependable and sustainable solutions, and Zooz does just that,” said Michael D. Farkas, CEO of Blink Charging.
Zooz is also collaborating with Nasdaq-listed Blink Charging on a joint R&D pilot program, which is being funded in part by the BIRD Foundation, to test the system’s ability to ensure ultra-fast charging of electric vehicles in locations where the electric grid is power-constrained. The Fort Lauderdale, Florida, pilot site is scheduled to open in the second quarter of 2023. Blink Charging has over 51,000 charging stations installed in 25 countries worldwide.
The distribution agreement was announced just one day after US President Joe Biden tweeted about plans to build 500,000 electric vehicle charging stations across the country to address the climate crisis. The White House approved $1.5 billion in federal funding for all 50 US states to build chargers covering 75,000 miles of highway across the country at the end of September this year.
The Biden administration has set a goal of constructing a national network of 500,000 electric vehicle chargers by 2030, in order to meet the expectation that half of all new vehicles sold in 2030 will be electric. The national network will receive $5 billion in funding over the next five years as part of a Bipartisan Infrastructure Act.
Zooz signed a binding memorandum of understanding with an unnamed global car rental services giant last month to jointly operate a pilot for EV ultra-fast charging infrastructure at New York City’s LaGuardia Airport. The Lod-based startup received a $1 million New York-Israel Smart Energy Innovation Challenge in September. The award means that the state will be able to collaborate with Zooz to advance New York’s clean energy goals.
With up to 75 kW of power, the ZOOZ system increases available grid power and enables fast EV charging at the arrivals parking lot.
Zooz launched a five-year partnership with Blink Charging on Sunday. As part of the agreement, Zooz will be Zooz’s distributor for the sale and implementation of its quick EV power system, which it claims can fully recharge batteries in 15 minutes.
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