Chakratec completes $30 million investment round
The Israeli company Chakratec, which specialises in energy storage for ultra fast-charging stations, has successfully completed a capital raising round of ILS 96 million (approx. USD 30 million).
Chakratec has stated that they plan to use the raised capital to accelerate marketing and sales in the European and U.S. markets, to build operations for the growing demand for its products, and to accelerate technology and product development.
The company develops and markets kinetic energy storage systems based on flywheels. Chakratec managed to adapt the technology to serve as a Power Booster to enable ultra-fast charging for electric vehicles, even in locations where the electricity grid is power-constrained. First mention of the technology was made in 2018, when Chakratec also completed a $4.4 million investment round. Since then, the company has joined charging infrastructure projects with Blink Charging in the USA and the Czech Republic with the help of Skoda.
“This successful round is a significant milestone for Chakratec, which will enable us to significantly accelerate the company’s growth, and the implementation of our strategy en route to realization of the Company’s tremendous potential, and will position Chakratec as a global leading supplier in the market of EV charging infrastructure,” said Boaz Weizer, CEO of Chakratec, adding: “We operate in a market that is growing exponentially, promoted by regulatory support and leveraged by a flow of government and private investments, in the global race to establish the critical infrastructure which is needed to enable the transition of transportation to electric vehicles.”
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