An Israel-based developer, Zooz Power which has developed an ultra-fast power booster to be used by Electric Vehicles has secured the distribution agreement for helping in establishing its footprint in the United States Market.
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On this Sunday, Zooz announced that it has signed an agreement for five years with the company Blink Charging. As per this deal, the operator in United States is going to be serving as the distributor for sales and deployment of the systems of fast charging which it says has the ability to fully recharge a battery within 15 minutes. Tel-Aviv listed shares of Zooz saw a jump of 20% in the afternoon trade.
The CEO of Zooz, Boaz Weizer described this agreement as a major milestone in the penetration of the company into the market of United States. The market is seeing great development and is going to offer great business potential in the years to come.
KPB which is based on a patented flywheel technology of Zooz is now converting electrical energy into the kinetic energy and has been designed for the areas where the EV infrastructure is still behind or where the grid is not sufficient enough to give the company a quick boost. The boosters are modular and can take up only half the parking space. These are installed in many parking lots, hotels and airports.
Blink Charging said that as the demand for convenient and accessible long-range EV charging is going to grow, it is important that the company provides the EV drivers with a dependable and sustainable solution.
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Zooz will be working on Blink Charging on what will be a joint R & D pilot program which is going to be funded by the BIRD foundation for testing the capability of the system to ensure extremely fast charging of the electric vehicles and the capability of the system to ensure the ultra fast charging.