Chekratech today announced the first sale of a high-speed electric vehicle charging system that will open in Germany. This is part of an agreement signed between the German EES company, which is the local partner of Chekratek, and an investment company based in Germany with experience and reputation in initiating investments in income-producing properties in the energy fields.
The agreement signed between the parties includes cooperation in the establishment of 2 facilities for fast charging of electric vehicles in which the company’s products will be integrated, which are used to strengthen the electricity network at the fast charging site and enable acceleration of the charging speed.
This sale is part of the implementation of the company’s strategy to introduce its products to the international market of electric vehicles which is growing rapidly and needs fast charging stations to reduce range anxiety.
As part of the contract, two facilities will be built at two different sites, with the client, Chekratek and EES reaching agreements with landowners to lease the sites for a period of 15 years, with the possibility of extending the period by another 5 years. Following these agreements and the reported engagement, the lease agreements are expected to be signed in the near future.
As part of the contract, the fast charging facilities will be set up by the EEA and the company (with the assistance of local subcontractors). The scope of the investment in the construction of the two facilities is about one million euros, of which about 70% is the consideration for the company for the supply and installation of the 100 KPB products and the rest of the investment is for the rest of the system and the work required to build the fast charging facilities.
Boaz Weiser, CEO of Chekratech, noted that “I am pleased to update on the first commercial transaction of the advanced generation of our kinetic storage systems, and in one of the most advanced markets in the realization of the electric vehicle revolution – in Germany. This agreement, in which we will provide a complete and clean turnkey solution for 2 fast charging facilities for electric vehicles, is a testament to the significant added value that our storage systems bring to our customers, their ability to be enabler for setting up fast charging facilities for electric vehicles even in places where the power grid is limited. This is a significant expression of confidence in the technology we have developed and the uniqueness and potential of the advanced product, the KPB100, which will be launched in early 2022. This deal is an example of how we implemented our products Complementary capabilities. “This deal also serves as a model for other customers and positions us as a significant player in the electric vehicle charging infrastructure market in Germany, and in Europe in general, the first to provide a solution to the electricity network infrastructure gap economically, proven, and green, non-battery based.”