The post was originally published in Russian on Startup of the Day. Alexander kindly agreed to republish what we think is of great value to our readers.
A significant drawback of an EV is its charging time. One can argue that ‘it’s not necessary’ or ‘you sleep at night anyway,’ but people are used to dropping by a gas station, getting a full tank, and leaving after two minutes. It is convenient for many, and they don’t like to re-educate themselves.
ElecReon, the Israeli startup of the day, tries to turn the EV’s charging issue into its advantage. All you need is to put wires under the pavement– and you can charge your car on the go just like iPhone’s wireless chargers. You ride along the street, and your battery doesn’t run out, instead it fills – perpetual motion of the third kind.
Re-equipping the street costs about one million euro per kilometer – apparently, not including the re-pavement cost. Regular repairs are still necessary from time to time – that’s when we can electrify them. In theory, the equipment has a 10-20 years guarantee, but in practice, it hasn’t been this long since the launch, the test areas are working well so far.
ElectReon has equipped around five kilometers of streets across different countries so far. The startup went IPO on the Tel Aviv stock exchange even before the first testings, its current capitalization is about USD 500M.
#israel #roundb #ipo #transport #technology #hardware
Translation: Kostiantyn Tupikov
Alexander made his career in Russian internet companies including Mail.Ru, Rambler, RBC. From 2016 to 2018 he was Chief Strategy and Analytics officer in Mail.Ru Group. In this position, he worked on M&A, investments, and new project launches. In 2018 he became Deputy CEO in Citymobil, a Russian Uber-like company that was invested by Mail.Ru Group and Sberbank (the biggest Russian bank), then he left the company to launch his own projects. Now Alexander is a co-founder of United Investors – the platform for co-investments in Russian early-stage startups. His blog #startupoftheday (#стартапдня) is one of the most popular blogs about startups in Russia.