Innovative, affordable breakthrough raises $7.6 million
EV charging technology firm Chakratec uses flywheels to charge EVs extremely quickly, the firm said yesterday as it announced the completion of its third financing round in which it raised $4.4 million. The innovative approach discharges power to EVs within five to 10 minutes yet stores energy more slowly, avoiding the need for grid upgrades usually needed to support very fast EV charging, it added.
The funds came from Israel-based IArgento Group and Singapore's Goldbell, it added. Chakratec's first investor was Capital Nature, which remains its largest shareholder after it raised $3.2 million in previous rounds, bringing the total raised to $7.6 million.
The present round will let the firm conduct its first three pilot projects in Europe with three of Europe's leading utilities and success there is expected to lead to its first orders later this year.
"Chakratec has developed an innovative EV charging technology that obviates the need for upgrading the power grid, enabling rapid deployment of fast EV charging systems," said Chakratec CEO Ilan Ben-David in prepared remarks. "The company is currently conducting pilot projects with three global energy providers that see our technology as the solution for reduced EV charging times, and a facilitator for global market penetration by electric vehicles."
The firm was established in 2013 by three high-tech entrepreneurs who pivoted their careers to clean tech: Ilan Ben David, Nir Zohar and Dudi Pincu, the firm said. It developed its kinetic batteries to provide a high-power energy supply, allowing a large number – tens of thousands to hundreds of thousands – of charge and discharge cycles over a lifetime of 20 years.
Fast charging of EVs has traditionally required a high-power electricity connection, which often necessitates a costly, complicated, and lengthy process of upgrading the distribution network infrastructure, it added. The use of kinetic batteries makes easy the deployment of fast EV charging stations anywhere, integrating all kinds of energy sources, at extremely low operating costs, the firm said.
The charging process developed by Chakratec can be compared to the flushing of water in a toilet tank, it added. When a strong flow is needed, a lever is pressed and the tank empties rapidly and then fills up again and similarly, when a vehicle enters a charging station, the kinetic battery empties, rapidly transferring the energy to it before refilling.
IArgento is an Israeli financial firm and Capital Nature operates a technology incubator focused on new energy and smart transportation projects – investing each year in four to five new projects, the firm said. Capital Nature to date invested some $10 million in 17 different projects and its portfolio value amounts to over 20 million dollars based on the value of the portfolio companies.
View all SMART GRID Bulletins click here