Aquarius has signed a memorandum of understanding with EnviroCharge to conduct a pilot in the U.S. for one of the largest car rental companies in the world, in exchange for $150,000

Rhea-AI Summary

Aquarius has signed a memorandum of understanding with EnviroCharge to conduct a pilot program with one of the world's largest car rental companies. The pilot, scheduled for 2025, will integrate Aquarius's innovative power systems into electric vehicle charging infrastructure, with $150,000 compensation for the pilot. The agreement presents potential for extensive orders during 2026-2027. Aquarius's systems generate clean electricity for ultra-fast EV charging, offering smaller and more efficient solutions compared to existing market options, independent of the electrical grid. This marks Aquarius's fourth pilot in the United States, with the memorandum valid for 18 months or until a final agreement is signed.

Positive

• Secured $150,000 payment for conducting the pilot program
• Partnership with major car rental company indicates market validation
• Potential for significant orders in 2026-2027
• Fourth pilot program in the U.S. market showing expansion

Negative

• Commercial revenue potential delayed until 2026-2027
• Agreement is preliminary (MOU) and not a final binding contract

• Fourth Pilot for Aquarius in the United States
• The agreement was signed as part of Aquarius's collaboration with EnviroCharge, which installs and operates electric vehicle charging stations in the United States.
• The success of the pilot is expected to yield significant orders for Aquarius for the years 2026-2027.
• Aquarius's innovative systems generate and provide clean electricity and are designed to enable ultra-fast charging of electric vehicles in the growing electric vehicle market. Aquarius's systems are smaller and more efficient compared to existing market solutions and are not dependent on the electrical grid.

TEL AVIV, Israel, Dec. 13, 2024 /PRNewswire/ -- According to Gal Friedman, CEO of Aquarius: "We are proud to collaborate with one of the largest and leading car rental companies in the world on this groundbreaking project. This project will significantly increase the number of electric vehicles the rental company can charge at its sites, thereby allowing it to rent more vehicles to its customers as a direct result of using our innovative power systems at its locations. This agreement joins several other significant agreements we have recently signed in the American market. We continue to present our revolutionary system to more and more companies.

The dual achievement we are reporting today is both the payment we will receive for conducting the pilot and the type of companies we are collaborating with, companies that are planning to jointly examine and implement our system. This collaboration demonstrates our commitment to innovation and green energy, and we look forward to the success of the pilot and the broad commercial potential that will follow."

Aquarius Engines (TASE: AQUA) announced today that it entered into a memorandum of understanding with EnviroCharge, an American company that operates electric vehicle charging stations, to initiate a pilot with one of the largest car rental companies in the world. The pilot will start in 2025 and will integrate Aquarius's solution into the electric vehicle charging infrastructure for rental and fleet management companies. Additionally, the agreement presents potential for extensive orders for the years 2026-2027. The memorandum is valid for 18 months or until a final agreement is signed.

Contact: odedm@aquariusengines.com 

About Aquarius Engines

Aquarius Engines is an energy company specializing in developing and producing groundbreaking small generators for electricity production.

The company holds approximately 44 registered patents in the U.S. and other countries and around 43 additional patents currently in the registration process. Aquarius has been publicly traded on the Tel Aviv Stock Exchange since December 2020.

Aquarius's shareholders include major global players such as Tier-1 Japanese automotive companies, TPR (a leading piston manufacturer), MUSASHI (partially owned by Honda), and prominent institutional investors in Israel.

The Aquarius engine is a small, lightweight generator with only one moving part, offering exceptional power and efficiency. It stands as a highly competitive player with significant advantages in its field.

The company's initial target market is the telecommunications sector, where it collaborates with industry leaders such as Nokia to provide green backup power solutions for telecom towers. The core technology of Aquarius enables the use of a variety of fuels, including hydrogen, ethanol (E85), methanol, and LPG.

Aquarius plans to expand into additional markets, supplying its engines for truck power units, aviation, maritime, and defense propulsion solutions, as well as range extenders for the automotive industry.

Aquarius operates development and activity centers in Israel, Germany, and Poland.

 

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SOURCE Aquarius Engines

FAQ

What is the value of Aquarius's pilot program with EnviroCharge?

The pilot program is valued at $150,000, which Aquarius will receive as payment for conducting the pilot.

When will AQUEF begin its pilot program with the car rental company?

The pilot program is scheduled to begin in 2025.

What is the duration of the memorandum of understanding for AQUEF's pilot program?

The memorandum of understanding is valid for 18 months or until a final agreement is signed.

What are the potential commercial opportunities for AQUEF following the pilot?

The agreement presents potential for extensive orders during the years 2026-2027, following successful pilot completion.

How many pilot programs has AQUEF conducted in the United States?

This marks Aquarius's fourth pilot program in the United States.