Charging Robotics, A Subsidiary Of Medigus, Secures Israel Innovation Authority Funding For Wireless EV Parking Chargers

Author: Akanksha Bakshi | December 26, 2023 12:08pm

Medigus Ltd. (NASDAQ:MDGS) initiated a wireless EV charging pilot through its subsidiary, Charging Robotics Ltd., operating under Fuel Doctor Holdings, Inc. (OTC:FDOC), to address the need of automated parking systems. 

This initiative has been supported by funding from the Israel Innovation Authority, aligning with the surging need for efficient EV solutions—an area Medigus has ventured into through its subsidiary, Charging Robotics.

Pioneering wireless charging, Charging Robotics specializes in adaptive solutions for the evolving EV infrastructure. 

Their wireless charging systems, tailored for automated parking setups, ensure seamless integration and high efficiency, resolving the absence of charging infrastructure in such environments.

The project commenced in August 2023, starting an evaluation pilot with an Israeli automated car park provider. 

The funding from the Israel Innovation Authority, totaling approximately NIS 1.2 million ($445,000), fortifies this endeavor, projecting substantial growth within the expanding Automated Parking System market, which is anticipated to reach $5.2 billion by 2032.

This wireless charging system overcomes a current challenge in automated car parks, providing a user-friendly, smartphone-initiated charging process and a scalable infrastructure for EVs, operating at exceptional efficiencies of over 93%.

Fueled by the soaring EV market and mounting interest in automated parking, this innovative solution signifies a significant stride toward a more sustainable and efficient transportation future.

Price Action: MGDS shares are trading lower by 1.45% at $3.77 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was Reviewed And Published By Benzinga Editors.

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Posted In: FDOC MDGS