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ZOOZ Power has signed a Memorandum of Understandings, with a worldwide leading car rentals service provider, for the build and operation of an ultra-fast charging station in the US, serving as a Pilot site which will operate at LaGuardia Airport in New York

The car rental services giant operates thousands of car rental sites in more than 100 countries worldwide.

TEL AVIV, Israel, Nov. 3, 2022 -- ZOOZ Power (formerly Chakratec), (TASE: ZOOZ) announces it has signed a binding memorandum of understanding for collaboration with a worldwide leading car rental services provider, which is operating thousands of car rental sites in over 100 countries. The purpose of the collaboration is to build and operate a joint pilot of EV ultra-fast charging infrastructure which will demonstrate ZOOZ Power's solution based on the ZOOZTER-100 and its ability to enable and support ultra-fast charging of electric vehicles in sites where the electric grid is power-constrained. The site that was chosen for this special project is at LaGuardia Airport in New York City, USA.

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To progress with the EV transition and the electrification of its rental car fleet, the car rental service provider is in need to build ultra-fast charging infrastructure, which is required to assure high quality of service to its customers and efficient operation of the sites. At many of the car rental sites, substantial grid constraints inhibit or delay the installation of ultra-fast EV charging infrastructure. Thus, the Pilot is part of the car rental service provider's efforts to seek solutions for these challenges, enabling to accelerate the implementation of its strategy to provide EV rental services. The goal is to have the pilot site operational during Q2/2023 for a period of 12 months. Based on successful pilot, the parties will discuss a roadmap and agreement for a long-term cooperation, using ZOOZ Power's products in additional sites.

According to Boaz Weizer, ZOOZ Power's CEO: "The electric vehicles' revolution introduces dramatic changes to how car rental sites operate and the infrastructures they utilize. Car rental service providers are in need of ultra-fast charging infrastructure in their sites, but the build of such infrastructure is challenged and /or delayed due to power-constrained grid, and that is precisely the gap that we address and provide with a solution. We are excited to collaborate with one of the global giants of the car rental industry, to prove the uniqueness and significant added value that our solution provides this use case. This is a fourth significant pilot we are part of in the US, following the planned pilots with Blink Charging and ARKO convenience store chain, and only two months after we have announced another Pilot with the New York Power Authority. We are collaborating with reputable large-scale companies, throughout the US, which understand the need for ultra-fast charging of electric vehicles, further serving as the industry's global trailblazer. These four pilots will be operational within a few months, and I believe they will accelerate our penetration into the US market and further feed ZOOZ's growth."

About ZOOZ Power

ZOOZ is a leading supplier of Flywheel-based Power Boosting solutions enabling ultra-green, ultra-fast electric vehicle charging anywhere.

We are committed to eliminating range anxiety and helping to accelerate the mass adoption of electric vehicles around the world. Our goal is to enable the vast roll-out of cost-effective ultra-fast charging infrastructure while sustainably overcoming existing grid limitations.

ZOOZ pioneers its unique flywheel-based power boosting technology, enabling unlimited high-power charge & discharge cycles with a lifespan of more than 15 years, thus providing minimal total cost of ownership for ultra-fast EV charging infrastructure. As our product is based on kinetic energy storage in flywheels, it is neither toxic, nor based on rare earth materials, making it intrinsically green.

Our sustainable, power boosting solutions are built with longevity and the environment in mind, helping our customers and partners create the world's most sustainable, reliable, long-lasting, and cost-effective fast-charging solutions.

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