Charging Robotics Targets the $1.8 Billion Automated Parking Market for EV Wireless Charging Solution
Source: GlobeNewswireCharging Robotics received funding from the Israel Innovation Authority for its pilot project for developing and demonstrating its solution for wireless charging electric vehicles in automated parking systems.
Tel Aviv, Israel, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Fuel Doctor Inc. (OTC: FDOC), a Delaware corporation, announced that its wholly owned subsidiary, Charging Robotics Ltd., an innovator of wireless charging solutions, is currently piloting its unique wireless charging solution to meet the growing demand for electric vehicle (EV) charging in automated parking systems.
In August 2023, the company announced it started a pilot project with an automatic car park provider in Israel to evaluate Charging Robotics' wireless charging system for electric vehicles. For that purpose, in November 2023, the company secured funding from the Israel Innovation Authority to fund the pilot project. The total approved budget for this project is approximately NIS 1.2 million (approximately USD 445,000), of which the Israel Innovation Authority will finance 50%.
According to Market.us1, the global Automated Parking System market was valued at USD 1.8 billion in 2022 and is expected to grow to USD 5.2 billion by 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 11.4%. Alongside the expected growth in the EV market, the combination of EVs and automated parking creates potential for a more sustainable and efficient future for transportation.
The wireless charging system is set to answer the unmet need of charging EVs in automatic car parks. Automatic car parks are gaining popularity as they offer an ultra-efficient solution to park cars, while also reducing expensive real estate costs. However, since these are automated facilities, currently there is no way for the driver to connect a charging cable to the vehicle. This is a major concern and a market restrain for automated parking manufacturers and EV manufacturers, particularly in areas where electric vehicles are growing rapidly- this is the con Charging Robotics aiming to address.
Besides enabling EV charging in automatic car parks, the wireless charging system has numerous advantages, including:
Seamless Integration: the wireless charging system will be seamlessly integrated into the automatic car park infrastructure, requiring minimal modifications to the existing layout. This ensures a minimum installation process while maximizing parking capacity
Convenient Charging Experience: drivers will start the system using a dedicated smart phone application, which will also notify the driver about the charging process
Scalability and Adaptability: the system’s modular design enables easy scalability, allowing the parking lot operator to increase the number of chargers in the facility based on the number of electric vehicles. The system will be able to charge all electric vehicles at efficiencies of >93% which is outstanding for wireless charging systems.
For additional information, please visit: https://www.chargingrobotics.com/
About Charging Robotics
Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for electric vehicles. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app so that an autonomous robot will navigate under the vehicle and charge it. Stationary systems offer various solutions for example in automatic car parks allowing to charge EVs in places where drivers can’t connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com/
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on the company’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of the company could differ materially from those described in or implied by the statements in this press release. For example, the company uses forward looking statements when discussing the growing demand for electric vehicle charging in automated parking systems, the expected growth of the automated parking market and its potential to create a more sustainable and efficient future for transportation and the numerous advantages that its wireless charging system will have..
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, the company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The company is not responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com
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