Electreon Enters the Chinese Market through a Strategic Agreement with Shandong Innovation and Entrepreneurship Community for International Science and Technology Cooperation (SITEC)

USA - English

• USA - English

JINAN, China and BEIT YANAI, Israel, Oct. 3, 2023 /PRNewswire/ -- Electreon (TASE: ELWS), the global leader in wireless charging technologies that charge EVs as they drive and while stationary, is proud to announce a significant milestone in its journey to revolutionize the global electric vehicle (EV) charging landscape by entering the Chinese market. Today, Electreon announced it signed a Memorandum of Understanding (MoU) with the Shandong Innovation and Entrepreneurship Community for International Science and Technology Cooperation (SITEC); a provincial science and technology innovation arm led by Shandong Hi-Speed Group (SDHS), a Fortune 500 state-owned company.

This agreement paves the way for the introduction of Electreon's groundbreaking charging technologies in Shandong province, the second largest province in China, and the world's EV manufacturing epicenter. The partnership encompasses several phases. Phase one, commencing in the fourth quarter, 2023, will feature the debut of Electreon's wireless charging technologies at the Jinan Shandong Hi-Speed industrial park which may later be used to transport SITEC personnel within the park. Electreon will also integrate its award-winning technology with vehicles from the one of the biggest Chinese bus manufacturers, Zhongtong Bus. This first deployment will showcase this innovative EV charging technology to key clients, partners and other stakeholders in the Chinese market for the very first time. Under this collaborative initiative, Electreon will also establish a Chinese subsidiary company and employ local talents to bolster its presence in the strategically important Chinese market.

The subsequent agreed second phase of the Electreon-SITEC partnership is of commercial significance to the partners. Together they will deploy tens of kilometers of Electreon's dynamic charging system (also known as Electric Road technology), hundreds of stationary charging stations, and install the company's technology on several hundred urban electric buses in Liaocheng city, situated in the west of Shandong province. Beyond this initial commercial project, Electreon and SITEC are also committed to fostering commercial business projects across the province and beyond. In the third phase, the partners will launch a wireless charging project for electric trucks operating within the Weifang Port, along with the integration of Electreon's technology into Sinotruk vehicles, the country's largest truck manufacturer, owned by the China National Heavy Duty Truck Group. Additionally, the partners will continue to collaborate to expand the portfolio of electric fleet operator clients, cooperate with EV manufacturers and original equipment manufacturer (OEM) partners to develop projects tailored to meet the operational needs of fleet operator clients throughout China.

Electreon already has operational projects in Germany, Italy, Sweden, Israel, and the U.S., and has signed deals for additional projects in Germany, its first project in France, and another in Norway in the past year. Entering China will now enable the company to ramp up its mass manufacturing and production capacities, while keeping costs down, to meet the growing market demand for the company's wireless charging solutions at large commercial scales across Europe and beyond.

Beyond being the heart of global EV production, Shandong province is also a strategic market entry point for Electreon. It is the second most populous region in China, with over 100 million inhabitants, and boasts a robust economy - with a GDP larger than that of the entire country of Mexico. The significance of the partnership with SITEC also cannot be underestimated. SITEC, headquartered in Jinan, China, is supported by and closely affiliated with SDHS. With an annual revenue of $34.4 billion USD and a workforce of more than 70,000, SDHS is one of China's premier infrastructure State-owned Enterprises (SOEs). As the provincial science and technology innovation platform, SITEC plays a pivotal role in various industrial sectors essential to Electreon's success in China, including highway, railway, and port construction and operations, and is strongly backed by the Jinan Industrial Development Investment Group.

Speaking on this occasion, Electreon's CEO, Oren Ezer, expressed his enthusiasm, saying, "This strategic collaboration with SITEC marks a significant leap forward in Electreon's mission to electrify transportation worldwide. Shandong province, being the world's electric vehicle manufacturing hub, is the ideal location to launch our innovative wireless charging technology in China. We are excited to partner with SITEC to introduce our cutting-edge wireless charging solutions to the pioneering Chinese market, ultimately contributing to the sustainable transformation of transportation in China and beyond."

SITEC's Chairman, Mr. Shang Min, shared his perspective on the partnership announcement, stating, "SITEC is committed to fostering innovation and advancing sustainable transportation solutions both domestically and internationally. We believe that Electreon's wireless Electric Road technology has the potential to revolutionize EV charging infrastructure in China. This partnership aligns perfectly with our mission of innovation and sustainability, and we are eager to work alongside Electreon to make this vision a reality in Shandong province and beyond."

The collaboration between Electreon and SITEC is an achievement in the mission to accelerate the adoption of electric vehicles and promote sustainable transportation solutions in China, the world's largest EV market, and across the world. As these projects unfold over the coming years, they are set to redefine the way EVs are charged and pave the way for a cleaner, more efficient future of transportation.

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About Electreon

Electreon is the leading developer and 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. The company's proprietary inductive technology charges EVs quickly and safely both while driving and parked, 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 in the market today. Electreon collaborates with cities and fleet operators on a "sale" business model, and on a Charging as a Service (CaaS) business model, that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation.

Electreon operates 15 projects across 7 countries, together with more than 100 partners. Electreon's wireless in-road charging technology was named as one of the world's top 100 inventions for 2021 by Time Magazine. For more information, visit electreon.com.

About SITEC

SITEC, headquartered in Jinan, China, is led by SDHS and supported by the Jinan Industrial Development Investment Group. With an annual revenue of $34.4 billion USD and a workforce of more than 70,000 employees, SDHS is one of China's premier infrastructure State-owned Enterprises (SOEs), and plays a pivotal role in various industrial sectors, including highway, railway, and port construction and operations. SITEC is dedicated to science and technology innovation and international scientific and technological cooperation.

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