Xylo Technologies: Charging Robotics Lands Commercial Order for EV Wireless Charging Systems in Automatic Car Parks

Rhea-AI Summary

Xylo Technologies (Nasdaq: XYLO) announced that its subsidiary, Charging Robotics, Inc. (OTC: CHEV), received its first commercial order for wireless charging systems in automatic parking facilities. The order, from Parking Design , is for 12 systems to be delivered throughout 2025. This follows a pilot project in Tel Aviv, Israel.

Charging Robotics' system uses machine learning and AI to manage EV charging efficiently, prioritizing based on factors like departure time and vehicle type. This technology addresses increasing electricity demand in parking facilities. The collaboration aims to revolutionize EV management and charging in automated parking environments, focusing on sustainability and operational excellence.

Positive

• First commercial order received for wireless charging systems in automatic parking facilities
• Order for 12 systems to be fulfilled throughout 2025
• Successful pilot project completed in Tel Aviv, Israel
• Technology addresses increasing electricity demand in parking facilities
• Collaboration aims to revolutionize EV management in automated parking environments

Negative

• None.

Insights

Tech Expert

The commercial order received by Charging Robotics, a subsidiary of Xylo Technologies, for wireless EV charging systems marks a significant milestone. It shows real-world validation of their technology, moving from pilot projects to commercial deployment. This is important as it points to potential scalability and acceptance in the market. Charging Robotics is leveraging advanced machine learning and AI to optimize EV charging, a strategic move considering the growing EV market. This also aligns with the increasing emphasis on smart city solutions and sustainable technologies. From a technology perspective, this is a testament to Charging Robotics' innovation and market readiness.

Financial Analyst

The commercial order for 12 wireless EV charging systems is a positive development for Xylo Technologies' financial outlook. While the initial order may seem modest, it has long-term implications. Fulfillment throughout 2025 suggests a steady revenue stream and potential for future orders. The association with Parking Design, a reputable company, lends credibility and could open doors for more collaborations. Investors should watch for how this impacts Xylo's revenue growth and market penetration in the EV charging space. This order could signify the beginning of a broader adoption of their technology, which would be financially beneficial.

Market Research Analyst

This order is significant from a market adoption perspective. The EV market is rapidly expanding and efficient charging infrastructure is a key component to its success. Charging Robotics’ systems cater to this need, making them well-positioned in a growing market. The involvement of Parking Design, known for innovative parking solutions, indicates a strategic partnership that enhances both parties' market offerings. This progress showcases the practical application and demand for advanced charging technologies, which could drive wider adoption and market share for Charging Robotics and, by extension, Xylo Technologies.

TEL AVIV, Israel, July 23, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo”, and the “Company”), a technology-based company engaged in advanced innovative technologies, announced today that Charging Robotics, Inc. (OTC: CHEV) (“Charging Robotics”), an innovator of wireless charging solutions held 67% by Xylo, received its first commercial order for the deployment of its wireless charging system designed for automatic parking facilities. This order comes from Parking Design Ltd. (“Parking Design”), a leading innovator in developing and designing parking solutions. This collaboration, announced on June 27, 2024, marks important progress in the evolution of automated parking and electric vehicle (EV) charging technologies.

The purchase order is for an initial batch of 12 systems, capable of wireless charging. The system enables several EVs to be charged at the same time, significantly improving the efficiency and convenience of automatic parking facilities.

The order is scheduled to be fulfilled throughout 2025, ensuring that the systems are fully operational and integrated into Parking Design’s facilities within the year.

Charging Robotics' system leverages machine learning and artificial intelligence algorithms to efficiently manage EV charging in automatic parking facilities. This technology addresses the increasing demand for electricity by prioritizing and optimizing the charging sequence for EVs based on various parameters, such as planned departure time, vehicle type, and individual driving habits.

Charging Robotics recently installed its wireless charging system under a pilot project in an automatic parking facility in Tel Aviv, Israel.

Parking Design specializes in innovative parking solutions, providing comprehensive designs that maximize space efficiency and improve user convenience. This collaboration with Charging Robotics is set to revolutionize how EVs are managed and charged within automated parking environments, ensuring sustainability and operational excellence.

About Charging Robotics
Charging Robotics is developing various automatic wireless charging solutions such as robotic and stationary charging systems for EVs. Robotic solutions are intended to offer the driver the ability to initiate charging by use of a simple smartphone app that instructs an autonomous robot, which navigates under the EV for access and charging capabilities. Charging Robotics’ stationary systems offer various charging solutions, including automatic car parks where the company’s system enables EVs to charge in places where drivers cannot connect plugs to sockets. For further information, visit: https://www.chargingrobotics.com

About Xylo
Based in Israel, Xylo Technologies Ltd. (Nasdaq: XYLO) is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Xylo’ affiliations in the medical solutions arena include the ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd., and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics, Inc. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. Other affiliations of the Company include Parazero Technologies Ltd., Zig Miami 54 LLC.

Xylo is traded on The Nasdaq Capital Market. To learn more about Xylo’s advanced technologies, please visit  https://ir.xylotech.ai/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Xylo’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Xylo could differ materially from those described in or implied by the statements in this press release. For example, Xylo uses forward looking statement when describing the potential of Charging Robotics and Parking Designs’ collaboration to impact the automatic parking market.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Xylo undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Xylo is not responsible for the contents on third-party websites.

Company Contact:
Tali Dinar
Chief Financial Officer
ir@medigus.com

Investor Relations Contact:
Michal Efraty
Investor Relations,
michal@efraty.com

FAQ

What is the first commercial order received by Charging Robotics for its wireless charging systems?

Charging Robotics received an order for 12 wireless charging systems from Parking Design , to be deployed in automatic parking facilities throughout 2025.

How does Charging Robotics' wireless charging system work in automatic parking facilities?

The system uses machine learning and AI algorithms to efficiently manage EV charging, prioritizing and optimizing the charging sequence based on factors like planned departure time, vehicle type, and individual driving habits.

Where did Charging Robotics recently install a pilot project for its wireless charging system?

Charging Robotics recently installed a pilot project for its wireless charging system in an automatic parking facility in Tel Aviv, Israel.

What is the stock symbol for Xylo Technologies ?

The stock symbol for Xylo Technologies is XYLO, traded on the Nasdaq.

What percentage of Charging Robotics is owned by Xylo Technologies?

Xylo Technologies holds 67% of Charging Robotics, Inc.