Tel Aviv, Israel, June 27, 2024 (GLOBE NEWSWIRE) -- Charging Robotics Inc. (OTC: CHEV), announces the receipt of its first commercial order for the deployment of its wireless charging system designed for automatic parking facilities. This order comes from Parking Design Ltd (Parking Design), a leading innovator in developing and designing state-of-the-art parking solutions. This collaboration marks an important progress in the evolution of automated parking and electric vehicles (EV) charging technologies.

The purchase order is for a first batch of 12 systems, capable of wireless charging. This innovation ensures that several EVs can be charged at the same time, significantly improving the efficiency and convenience of automatic parking facilities.

The order is scheduled to be fulfilled throughout 2025, ensuring that the systems are fully operational and integrated into Parking Design’s facilities within the year.

According to a research report by market.us The global Automated Parking System (APS) market was valued at USD 1.8 Billion in 2022 and is expected to grow by USD 5.2 Billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 11.4%.

Charging Robotics' system leverages machine learning and AI algorithms to manage EV charging in automatic parking facilities efficiently. This technology addresses the increasing demand for electricity by prioritizing and optimizing the charging sequence for electric vehicles (EVs) based on various parameters, such as planned departure times, vehicle types, and individual driving habits.

Recently, Charging Robotics installed its wireless charging system under a pilot project in an automatic parking facility in Tel Aviv, Israel.

Hovav Gilan, CEO of Charging Robotics, stated, "We are thrilled to achieve this significant milestone with our first commercial order from Parking Design. Our innovative system optimizes energy use and enhances the overall functionality of automatic parking facilities."

About Parking Design

Parking Design specializes in innovative parking solutions, providing comprehensive designs that maximize space efficiency and improve user convenience. This collaboration with Charging Robotics is set to revolutionize how EVs are managed and charged within automated parking environments, ensuring sustainability and operational excellence.

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 harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other U.S. 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 Charging Robotics’, and its subsidiary Charging Robotics Ltd.’s (together, the “Company”) 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.

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