The pilot project in cooperation with Parkomot Ltd, an Israeli APS market leader, is another step towards our vision of wireless charging
Tel Aviv, Israel, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Fuel Doctor Inc. (OTC: FDOC), a Delaware corporation, announced today that its wholly owned subsidiary, Charging Robotics Ltd., an innovator in wireless charging solutions, received approval for funding from the Israel Innovation Authority for a pilot project that includes installing and demonstrating its solution for wireless charging of electric vehicles (EVs) in automated parking systems. The system will be installed and tested in an automated parking system that was installed by Parkomot and comes to answer a growing need for charging EVs in automated parking systems, where drivers aren’t able to connect a charging plug to the EV socket.
The total approved budget for this project is approximately NIS 1.2 million ($445,000), of which the Israel Innovation Authority will finance 50%.
The approval for the funding, provided by the Israel Innovation Authority, was received after a rigorous due diligence process regarding the technology, the market, the competitive landscape and the company team. The Israel Innovation Authority provides support for Israeli companies with cutting edge technologies which answer needs in large markets. One of the acceptance criteria for this project was its alignment with the Israeli Ministry of Energy's needs, so the due diligence process was conducted by Israel Innovation Authority project officers as well as subject matter experts from the Israeli Ministry of Energy. The Israeli Ministry of Energy promotes technologies relating to electric transportation and found this project in alignment with the goals for EV market adoption.
"We are honored and thankful to receive this support from The Israel Innovation Authority. We could not have asked for better partners then Parkomot who believe in our product and recognize the potential impact of our work in advancing electric vehicle wireless charging," said Hovav Gilan, CEO of Charging Robotics.
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/
About Parkomot
Parkomot, a subsidiary of Comtal Technologies and Engineering Group, is a market leader in automatic parking systems in Israel. Parkomot represents the South Korean manufacturer Dong Yang Park, one of the world's leading manufacturers in this field. For further information, visit: https://parkomot.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 receiving funding from the Israel Innovation Authority and the pilot project with Parkomot.
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
