Tel Aviv, Israel, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Charging Robotics Inc. (OTC: CHEV), announced today that its affiliate, Revoltz Ltd. (of which Charging Robotics owns 19.9%), has received approval from the Israeli Standards Institute to sell its PORTO EV micro vehicle in Israel.
The Israeli Standards Institute approval (Standard 6230 Type Approval) is a critical milestone, as it enables PORTO EV riders as young as 16 to operate the vehicle without requiring any driver’s license. This significantly lowers barriers to adoption and makes last-mile delivery solutions more accessible to a broader audience, particularly in dense urban areas where efficient, compact transportation is in high demand.
The PORTO EV is designed specifically for the last-mile delivery market, offering a seamless blend of functionality, robust design, and agility. Capable of long-range deliveries and a full day's work on a single charge, the PORTO EV provides a storage capacity comparable to the trunk of a small hatchback car. It features a robust tilting mechanism to ensure maximum stability, even under full load, and integrates high-volume loading spaces over the front and rear axles, distributing cargo weight evenly for a safe and confidence-inspiring ride.
Strong Market Potential in Israel for Micro-Mobility Solutions
Israel is known for its rapid adoption of innovative transportation technologies and its emphasis on efficient, sustainable urban mobility solutions. The growing demand for cost-effective, eco-friendly, last-mile delivery options makes Israel an ideal market for the introduction of the PORTO EV.
In 2023, Revoltz entered into an exclusive distribution agreement valued at $2.7 million with a premier distributor in Israel, aiming to introduce the advanced PORTO EVs into Israel and adjacent markets. As part of this agreement, the distributor initially purchased 50 PORTO EVs and committed to purchasing a total of 150 vehicles in the first year. The five-year agreement includes annual milestones and scaled-up sales targets, with the distributor providing service and maintenance for the PORTO EVs, focusing mainly on the local delivery market.
Amir Zaid, CEO and co-founder of Revoltz, stated, "We believe that achieving this production milestone and bringing to light our strategic agreement represents significant steps forward for Revoltz. We are aiming to revolutionize the last-mile delivery market with our PORTO EVs. Our collaboration with a leading distributor in Israel is a testament to our shared vision and commitment to excellence. We eagerly anticipate scaling our operations and reinforcing our position as a micro-mobility leader."
The approval from the Israeli Standards Institute marks a significant milestone for Revoltz, enabling the company to commence sales and marketing activities for the PORTO EV micro vehicle in Israel. This development aligns with Charging Robotics' commitment to advancing sustainable transportation solutions and expanding its presence in the EV market.
Zaid added: “Israel represents a highly promising market for the PORTO EV, known for its advanced and sophisticated consumer base. The Israeli market frequently adopts innovative technologies ahead of global trends, making it an ideal environment for the introduction of innovative products like the PORTO EV. This approval allows Revoltz to cater to a tech-savvy audience that values efficiency, sustainability, and cutting-edge design, further solidifying its presence in this forward-looking region”.
About Revoltz Ltd.
Revoltz Ltd., an affiliate of Charging Robotics Ltd., specializes in the design and manufacture of high-end, mini electric vehicles, bridging the gap between traditional automotive design and emerging micro-mobility solutions. Revoltz is committed to creating cutting-edge designs that revolutionize the micro-mobility sector.
About Charging Robotics
Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for EVs. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app that instructs an autonomous robot, which navigates under the EV for access and charging capabilities. Our stationary systems offer various charging solutions, including in automatic car parks where the company’s system allowing EVs to charge in places where drivers can’t connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com/
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbour” 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 current expectations of Charging Robotics, and its subsidiary Charging Robotics Ltd. (together, the “Company”), 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 it discusses how Revoltz is aiming to revolutionize the last-mile delivery market with our PORTO EVs and how Revoltz eagerly anticipates scaling its operations and reinforcing its position as a micro-mobility leader.
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 Securities and Exchange Commission. Except as otherwise required by law, the Company does not undertake any 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 any third-party websites.
Investor Relations Contact:
Michal Efraty
Investor Relations
michal@efraty.com
