May 31, 2022

Electreon Reports 2022 first Quarter Financial Results

Beit Yanai, Israel. May 31, 2022– Electreon (TASE: ELWS.TA), the leading provider of in-road wireless electric vehicle (EV) charging technology for commercial, public service, and passenger vehicles, today reported financial results for the first quarter of 2022 as well as the outlook for the year ahead. 

“We are honored to share an overview of the company’s development including the first quarter of 2022, along with updated financial statements. When we look at Electreon’s history from its inception, year after year until this very moment, the company presents full compliance with all planned milestones.” Said Oren Ezer, CEO and Co-founder of Electreon.

One technology – two products
Electreon’s dynamic system is based on a unique technology that charges electric vehicles of various sizes, wirelessly, while driving.

The company has a second product that enables static wireless charging: a system that allows charging an electric vehicle while standing on platforms, waiting stations, loading docks or parking lots.

The combination of the two products offers customers maximum flexibility.

Electreon products have been operating with proven success for around two years. During this period, the company has examined the system together with potential customers. These customers include countries, municipal bodies and companies in different parts of the world. The product’s capabilities have progressed in the last four years from beta testing to a proven commercial version that meets all international standards.

Unique products
As far as the company’s management is aware, Electreon’s wireless road system is the most advanced in the world – allowing on-the-go (dynamic) charging without physical contact..

Allowing vehicles to be charged while driving by utilizing electric road system technology solves most barriers in the transition to electric transportation. While there are alternative systems that are able to charge vehicles while traveling, they are not wireless and are connected via a rail or overhead electrical cables. Based on Electreon’s estimates, these alternative systems have safety issues and are more complex to maintain.

Electreon – a one-stop shop
Many customers, including fleet operators and municipalities, who want to make transition to electric transportation do not have the knowledge or desire to manage charging infrastructure.Electreon provides management service from the moment of characterization and planning, managing bureaucratic processes, establishing charging infrastructure, as well as operating and maintaining the system for many years. Electreon already supplies its products to a variety of customers, works with countries, government, municipal bodies, and fleet operators––including bus lines and regular commercial commercial truck operators.

Cost saving technology
Electreon’s wireless charging solution solves range anxiety by providing continuous access to charging throughout the day. With continuous access to charging, EV battery size on equipped vehicles can be reduced by up to 90%.

Reducing EV battery size will also provide significant reduction in the vehicle price, for a fleet of buses or trucks – this is a saving of tens of percent.

Top off charging throughout the day will also increase fleet operational hours as there will be no need to allocate operational time for charging, substantially reducing downtime.

Certain segments in the transportation industry have difficulty transitioning to electric fleets due to a demand for performance that is currently unattainable. Class 8 trucks for example, with busy working days can be converted to electric utilizing wireless charging when loading and unloading goods, which will result in operational and total cost of ownership savings.

 Mass production readiness
In recent months, Electreon has been working on preparing inventory for commercial projects in the pipeline. Production capacity was increased by adding a testing laboratory and a new integration complex. The company collaborates with several international companies in producing the system, Electreon is in negotiations with additional suppliers around the world, to speed up production and installation.

Most of the activity currently takes place in Israel, Central Europe, and Scandinavia.

In Sweden, the next phase of the pilot program is underway, this phase aims to demonstrate expanded system capabilities. In addition, during the 1st quarter of 2022, a first agreement was signed in the United States, which includes the construction of a 1-mile (about 1.6 km) dynamic wireless charging system. This electric road is part of the announcement made by the State of Michigan to lead the U.S. electric road revolution.

As of the end of the first quarter of 2022, the company has installed approximately 4 kilometers of electric roads and a stretch of several roads and parking lots that are in the production and installation phases.

Electreon’s partners
Electreon believes that strategic partnerships with locally influential companies will enable it to move faster toward future projects. In Europe, Electreon maintains a business partnership with a variety of companies, such as Vinci infrastructure company, whose clients include governments, cities, and commercial companies. Most of the cooperation with Vinci focuses on Germany, France, and Sweden.

During the last quarter, several cooperation agreements were signed with leading companies:

The Finnish infrastructure giant Destia, recently acquired by Bouygues Construction, will promote the technology to public and commercial transport operators.

Jacobs is the largest engineering company in the United States, its clients include municipalities, various transit authorities, and large commercial companies.

 From pilot to sales
Electreon has started offering its products to various customers in the target markets through its strategic partners. It also recently reported on a commercial cooperation agreement with Afikim, an agreement that was approved by the Ministry of Transportation. The company intends to continue to focus on the urban bus segment and it is also promoting the solution in front of truck fleet operators.

 “Electreon’s wireless charging technology is unique and revolutionary. We are witnessing a growing interest and appreciation of our technology across Europe and the US as it can be installed almost anywhere and does not limit EV fleet operations as plug-in charging solutions do,” said Oren Ezer, CEO and Co-founder of Electreon.Never before have EVs been able to wirelessly charge while on the move, ensuring drivers and fleet owners the ability to maximize EV fleet efficiencies, eliminate range anxiety, save precious real estate, minimize vehicle battery requirements and impacts, and substantially reduce their carbon emissions. Our Charging-as-a-Service (CaaS) business model not only provides accessible charging options that can be customized to meet the needs of unique fleet vehicle operations, but also covers up-front costs empowering fleet operators to transition to electric more seamlessly,” 

“Through our public projects, we’re demonstrating that our shared charging infrastructure has the potential to solve some of the greatest challenges in the transition to electric mobility. The challenges include natural resource availability to manufacture batteries for a growing global EV fleet and the ability of our energy grids to meet the power demands of such a large global fleet, and all while keeping on track to achieve the net-zero carbon transport goals set out by national governments.”

Continued Ezer, “This year we have seen an ever-growing interest in Electric Road Systems (ERS), for example, the Michigan Department for Transport (MDOT) released a tender for one mile of dynamic wireless charging and the Swedish Transport Authority (Trafikverket) released a 26-mile (42 km) ERS tender. We are excited to see the progress we have made in our technological, manufacturing and commercialization capacities in the first three quarters of 2021 as we rapidly expand to meet the growing demand we see from the market for our technology.”


First Quarter, 2022 Financial Results

In order to deliver on the Company’s current projects, its first large-scale commercial project in Israel, and anticipated upcoming projects in EMENA, Electreon began scaling its R&D, raw material stocking and manufacturing capacities:

  • At the end of this first quarter, the Company’s ending cash balance including short-term deposits was 136 million ILS ($43 million)
  • The company recognized its first revenues from the commercial project with EnBW
  • Due to R&D expenses and the provision of raw materials, the Company’s Net Cash used in operating activities in this first quarter was 16 million ILS ($4.9 million).
  • Considering the global shortage of raw materials, such as copper and electronic components, the Company significantly increased its purchasing of raw materials for inventory
  • The Company began intensive investment to expand its wireless charging technology platforms, to develop its cloud-based charging management software and to obtain regulatory compatibility approvals. Therefore, R&D expenses for the first quarter increased by 32% compared to the first quarter of 2021.


2022 – Main Business Highlights

In May 2022, the company announced its second fully commercial deal with Electra Afikim Ltd. (“Afikim”) in Israel to install wireless charging stations for 30 buses enabling the buses to charge simultaneously 24 hours a day. In addition to the agreement, the company will provide Afikim support, operating and software services to the charging stations. In return for these services Afikim will pay an amount totaling approximately 2.0mm$, which shall be paid subject to the Ministry of Transport transferring said amount to Afikim. Afikim operates in the public transportation segment and is the fourth largest public transportation company in Israel.

In October 2021, the company announced its first fully commercial deal with the Dan Bus Company (“Dan”) in Israel. A large-scale commercial deployment of the company’s wireless charging infrastructure at end-terminals for approximately 200 of the operator’s bus fleet over a 5-year period:

  • Dan selected Electreon’s Charging as a Service (CaaS) business model – in which Electreon finances the charging infrastructure and provides operation, software, and maintenance services to the Dan Bus Company
  • Dan will pay a monthly fee of $780 for every bus utilizing the charging technology in addition to the cost of the electricity for powering the bus
  • This deal demonstrates the acceptance of the company’s appealing innovative financial model to its fleet customer segment, its ability to empower public transport operators to accelerate their electric fleet adoption and, the viability of Electreon’s attractive recurring revenue business model 

Highlights of the Company’s growth initiatives in anticipation of upcoming short-term and long-term market opportunities across Israel, Europe, and North America:

  • In Europe, in addition to the Company’s Swedish government funded public pilot, activities are particularly focused on the German and French markets
  • At the end of the first quarter, the Company’s total headcount increased by 22% compared to the Year ended December 31, 2021. Most of the Company’s employee growth came from its R&D, Manufacturing and Business Development departments building the capacity for expected upcoming projects in the company’s pipeline
  • During the past three quarters, the Company co-invested in increasing its manufacturing capacity, together with its leading production partners, to increase its capacity for current active projects and expected upcoming projects in the company’s pipeline
  • The Company continue its expansion activities into the United States, by establishing a local subsidiary and hiring employees in anticipation of an expected technology pilot and commercial business opportunities that the US Infrastructure Bill presents
  • The bus in Sweden is fully-operational and open to the public. Combined with the Company’s ECE R10 approval, this is a huge milestone towards fully commercializing the Company’s wireless charging technology as it means bus fleet operators can now purchase HIGER electric buses with the wireless charging technology already embedded.

The Company continued to achieve significant milestones in developing and commercializing it’s wireless charging technology:

In April 2022, the company announced that the Swedish Transport Agency decided to extend the duration of the Pilot. The Company will receive additional financing from the Swedish Transport Agency approximately 2.2mm$ million for extending the Pilot.

The objective of extending the Pilot is to examine a new generation of the Company’s technology, which includes improved performance, such as:

  • Increasing the capacity of the Company’s receivers to transfer energy to approximately 30KW
  • Various capabilities of the control units, based on cloud computing, including the ability to charge the different vehicles being charged via the system. 

During the first quarter of 2022, the Company announced Corey Johnson, who until recently served as Speaker of the New York City Council, joined the Company as a consultant. Mr. Johnson will play a major role in creating a comprehensive strategy for entering the New York transportation market, he will direct the engagement with different state and city entities, enter into discussions with customers and provide overall support in bringing to New York the Company’s vision.

The Company announced that the State of Michigan Department of Transportation in the United States in conjunction with the State Department of Future Transportation and Electrification has notified the Company that it has won a tender to establish a wireless charging demonstration project that will include a 1.6 kilometer (1 mile) wireless charging road and static charging stations (the “Michigan Project”). The Michigan Project is expected to be launched during 2023 in the Detroit city district that also serves as Ford’s central transportation innovation district. The governor of the state of Michigan has announced that the wireless charging project is an important component in electrifying vehicle fleets and a significant part of the state’s transportation infrastructure construction program. Michigan is a global pioneer in transportation and the issue of advanced transportation is an important part of the program to strengthen the economy and the environment and reset carbon emissions by 2050.1 The State Department of Michigan will participate in providing USD 1.9 million in funding for the Michigan Project.

The Michigan Project is being carried out in collaboration with leading companies in the United States, including: (1) Ford Automotive Company, which led with the Company the submission of a bid for the project and will play a key role; (2) Jacobs, a leading U.S. engineering company which will lead the road planning and support project management; (3) DTE, an energy company, which will provide a connection to the electricity grid for the electric road; (4) KIEWIT, one of the largest infrastructure companies in the United States, which will support the planning and execution of infrastructure works; (5) the City of Detroit, which will provide municipal support for the project; (6) Next Energy, a local body that promotes innovation and will be the interface with the local community and other local actors for the project; and (7) ROUSH Clean Tech, a leading company in the conversion of commercial vehicles to alternative propulsion, which will provide an electric truck for the project.

The Company announced that it has executed a binding memorandum of terms for a strategic relationship agreement with Jacobs Engineering Group Inc. (NYSE:J) (the “Binding MoU” and “Jacobs”, respectively). The Binding MoU was executed by and between the Company and Jacobs following their collaboration in which the parties jointly won a tender to construct a wireless charging pilot demonstration project in Michigan, and, inter-alia, it includes the main principles specified below: 


The Company’s Financial Position


31 March

31 December






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Operating Results


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ended March 31

For the full year
ended December 31






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Cash flow


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ended March 31

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The above are highlights of the company’s first quarter report. This is not the company’s full and binding quarterly report, which will be made available on the company’s website.

About Electreon
Electreon is the leading provider of wireless charging solutions for electric vehicles (EVs), providing end-to-end charging infrastructure and services to meet the needs and efficiency demands of shared, public and commercial fleet operators and consumers. The company’s proprietary inductive technology dynamically (while in motion) and statically (while stopped) charges EVs quickly and safely, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs—making it one of the most environmentally sustainable, scalable, and compelling charging solutions available today. Electreon works with cities and fleet operators on a charging as a service (CaaS) platform that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation. For more information, visit

Janine Ward
On behalf of Electreon

Investor Relations Contact 
GK Investor Relations     
Ehud Helft                    
+1 212 378 8040