Chakratech will raise at a value of 400 m – the capital market

The electric vehicle startup Chakratec is preparing for an IPO on the Tel Aviv Stock Exchange at a value of $ 400 million. The company will issue about 20-25% of its shares and raise NIS 100 million from the public to be used to expand operations in Europe and enter the American market. Leumi Partners will sign.

The technology developed by the company is used to store energy in the charging stations of electric vehicles, in order to allow fast charging at any given moment, even when the electricity supply in the network is low, thus eliminating its dependence. Thus, the electricity is stored at the charging station when no vehicle is using it, so that when a vehicle is connected to the charging station it will have enough electricity to fill the battery within about 20 minutes, instead of prolonged charging for 5 hours, and with low wear of the battery life. -15 years.

We only recently wrote in BizPortal about the company in a review of some of the interesting Israeli start-ups operating in the car market of the future. Chakratech has raised $ 19 million so far, and its most recent fundraiser, in 2019, was worth about $ 40 million before the money. It is now planning an IPO worth three times as much.

Chakratech’s partners include Skoda, Wien Energie, Italian energy giant Enel X and American Blink charging. Its technology is used in various charging stations in Germany, Italy, the Czech Republic and Austria, but it is worth noting that the company has not yet recorded any revenue. The company was founded in 2013 by Ilan Ben-David, David Pinko and Nir Zohar and currently employs about 20 people. Its investors include Ela Fund, Capital Nature, G-TEK Israel, Goldbell and iArgento.