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