Chakratec has announced the completion of its third financing round in which it raised 4.4 million dollars from the Israeli iArgento Group and the Singaporean company Goldbell.
Chakratec’s first investor was Capital Nature, which remains the company’s largest shareholder. Chakratec has already raised 3.2 million dollars in its previous rounds. The present round will enable the company to conduct its first three pilot projects in Europe with three of Europe’s leading utilities. The success of these pilots will lead to first orders later this year.
Etablished in 2013, the company has developed a unique, innovative energy storage technology powered by kinetic batteries using a flywheel concept. These batteries provide a high-power energy supply, allowing a large number (tens to hundreds of thousands) of charge and discharge cycles over a lifetime of 20 years.
Until today, fast charging of electric vehicles required a high-power electricity connection, which often necessitates a costly, complicated and lengthy process of upgrading the distribution network infrastructure. The use of kinetic batteries makes it easy to deploy fast EV charging stations anywhere, integrating all kinds of energy sources, at extremely low operating costs.
When a vehicle enters a charging station, the kinetic battery empties, rapidly transferring the energy to the vehicle, and then fills up again. Chemical batteries cannot be used for this application due to the number of cycles and high power required.
Chakratec has recently won the 2018 Outstanding Venture Award of the NREL Industry Growth Forum competition – the world’s most prestigious competition in the field of renewable energy (NREL, the National Renewable Energy Laboratory in Colorado, is a world leader in the field). The company has also won the 2017 eMove360o Award for Electric Mobility & Autonomous Driving, Energy Storage category.