Toyota, its component supplier Denso, and Electreon, the Israeli company, are accelerating: 10 months after they reported the memorandum of understanding, the three companies signed a binding agreement to adopt the wireless charging system of the Israeli company, Electreon, from Yanai.
The partners committed to developing a wireless charging system that will be integrated into Toyota Group models, including Lexus, Daihatsu, and the commercial and bus division, already in production. The partners will jointly own the intellectual property that will result from the development of the new system and will share the royalties resulting from the sale of the system to other car manufacturers. Concurrently, they will develop an "aftermarket" system that will allow the addition of wireless charging to existing electric vehicles and hybrids, enabling wireless charging.
Electreon, which began developing wireless charging systems for installation on roads for charging while driving, has expanded to supply wireless charging systems in parking lots. It already provides such stations for charging buses, and the agreement with Toyota and Denso will introduce it to the production of such chargers for private vehicles. Toyota and Denso also committed to assisting Electreon in international conferences in designing global standards for wireless charging of vehicles and participating in the two models, to be held in Europe, the United States, Israel, or Japan.
Toyota maintained its position in 2023 for the fourth consecutive year as the world's largest car manufacturer, with sales of more than 11 million cars in the past year compared to about 9 million for the Volkswagen Group.
The charging product as an addition to existing cars will hit the market before the end of the year and will precede cars leaving the production line when equipped with it.
"We are entering a company that sells the most private cars in the world," said Walla Car CEO and Electreon founder Oren Azar. "The goal is to enter all of its platforms. You can add wireless charging to an existing bZ4X or second-hand car you buy, and in the future to purchase a new Toyota that can be charged without a cable while parked. Once there are enough cars with wireless charging, it will be very logical and correct to add charging to roads that will serve them. Taxis and shared cars will benefit from easier charging while parked as they wait for the next ride."
Following the announcement, Electreon's stock jumped by 8% and is traded on the Tel Aviv Stock Exchange with a market value of NIS 914M.