City Transformer will issue in Tel Aviv – the capital market

City Transformer, which is opening an electric vehicle for urban uses that can reduce its dimensions, on its way to the Tel Aviv Stock Exchange: The company announced that it will issue at the beginning of the second quarter of the year at a value of NIS 450-600 million. To date, the company has raised NIS 35 million.

The company expects that by the end of the year, their vehicle will receive approval for European standards and that during 2022 it will hit the roads in Israel for the first time. The CT-1, the vehicle developed by City Transpomer, has a maximum rider of 1.4 meters (length: 2.49 m) and is designed to deal with both parking distress and traffic loads, which it can maneuver similar to a two-wheeled vehicle.

The mechanism developed by the company that allows the vehicle to expand or narrow itself to a width of one meter at the push of a patent-protected button, and according to the company, it allows it to park in a motorcycle parking lot. According to City Transformer, four CT-1 vehicles can fill the space of a regular car, so it saves up to 75% on parking space.

The cabin itself, with a volume of about a thousand liters, remains unchanged even when the vehicle shrinks, and with the exception of the driver, another adult driver, or two children, can be driven in the vehicle. City Transporter claims that the cabin will be able to serve various uses, such as those of rescue vehicles, logistics vehicles, shared vehicles, private vehicles, delivery and distribution vehicles and more.

“Already in the third quarter, we will produce a number of CT-1 vehicles for the purpose of obtaining European standard approval as a vehicle belonging to the Quadricycle category, a category that makes it easier for the company to enter the European market quickly,” says CEO Dr. Assaf Formosa. “These first vehicles are manufactured by Roding Automobile in Germany, when in the future most of the production activity will be done through a third party and during the next year.”

One of the major challenges for the electric vehicle industry on the road to significant market penetration is the battery, and more specifically the range of travel it allows between charges, as it is a significant part of the cost of the entire electric vehicle. In non-urban vehicles one of the main considerations of the buyers is how long they will have to charge the vehicle, and whether there will be a situation where in the middle of a long drive for example they will suddenly have to look for a charging station.

On the face of it for uses within the city this apprehension diminishes. In any case, according to the City Transformer, the battery will suffice for a journey of 120-180 km (depending on the use of climate control). In this context, the negotiations conducted in the stock exchange skeleton will also be mentioned.

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Under the new CEO Niv Hebron, who acquired a stake in it, for the acquisition of a company from the field of micro-mobility, which revolves around solutions for mobility or transportation in an urban environment, for example using a two-seater vehicle – such as a City Transformer, scooters and electric bicycles, a two-seater vehicle. Skimmers, etc. According to a McKinsey report, the micro-mobility market will roll in about $ 1 trillion a year by 2030.

As a technology-based company, the range that City Transformer is planning for an IPO makes it a company with a medium market value compared to what is common on Nasdaq, for example. Over the past year, companies of similar sizes, which previously set foot on the local stock exchange, began issuing in Tel Aviv to raise capital. among the rest

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And company

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Issued at a similar value to that of City Transformer, and it has just been revealed that Glassbox, a startup that has developed a system for organizations to monitor usage patterns and activity in their applications, is also planning an IPO, at a value of $ 1-1.2 billion – double that of City Transformer, but Also on the medium scale in terms of market value.

City Transformer was founded in 2014 by Formosa, Udi Meridor, and Eyal Kramer. Prof. Johan Tomporda, the father of the Smart Car Project, is one of the strategic partners and serves as the company’s consultant.