Xylo subsidiary launches EV wireless charging in parking facilities

TEL AVIV - Xylo Technologies Ltd. (NASDAQ:XYLO), an Israel-based technology firm with a market capitalization of $4.05 million and an impressive 52.76% year-to-date return according to InvestingPro, has announced that its majority-owned subsidiary, Charging Robotics, Inc. (OTC:CHEV), has successfully installed a wireless electric vehicle (EV) charging system at a robotic parking facility. This new system is designed to charge EVs without the need for traditional plug-in methods, which are often impractical in such automated environments.

The installation, which took place earlier this week, has demonstrated the capability for power to be wirelessly transferred to the vehicles. The system also reports charging data to the cloud and manages the charging process according to electricity availability and customer requirements. According to InvestingPro analysis, Xylo Technologies maintains a strong balance sheet with more cash than debt, and currently shows a "GOOD" overall financial health score, suggesting solid backing for its technological initiatives.

Charging Robotics’ CEO Hovav Gilan expressed excitement about the on-site implementation of their technology, emphasizing the system’s alignment with the increasing demand for space-efficient parking and the rising adoption of EVs globally. The wireless charging solution makes use of advanced machine learning and artificial intelligence to prioritize charging sequences, taking into account departure times and vehicle types to ensure optimal energy use and vehicle readiness.

The user-friendly interface of the system allows EV owners to initiate and monitor the charging process through a smartphone application, providing them with real-time updates and billing information.

Charging Robotics is known for developing automatic wireless charging solutions, including robotic and stationary systems for EVs. These solutions are aimed at offering convenience in automatic car parks and other settings where plug-in charging is not feasible.

Xylo Technologies, the parent company of Charging Robotics, operates in various sectors including advanced medical solutions, digital commerce, and the electric vehicle market, with several technology solution providers in its portfolio.

The information in this article is based on a press release statement from Xylo Technologies Ltd. and Charging Robotics, Inc. It should be noted that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. Xylo Technologies does not undertake any obligation to update these statements in the event of new information or future developments. Investors should note that the company’s next earnings report is scheduled for May 5, 2025, which may provide additional insights into the company’s operational progress. For comprehensive financial analysis and additional insights, including 11 more exclusive ProTips, visit InvestingPro.

In other recent news, Xylo Technologies Ltd. has announced the launch of the PORTO EV by its affiliate Revoltz Ltd. in Israel. This electric micro vehicle, designed for last-mile deliveries, marks its first commercial rollout following approval by the Israeli Standards Institute. Revoltz has delivered an initial batch of 50 units to its exclusive Israeli distributor as part of a five-year, $2.7 million distribution agreement. The agreement includes a commitment to purchase 150 vehicles in the first year, reflecting growing demand for sustainable urban transport solutions. Meanwhile, Polyrizon Ltd., another affiliate of Xylo Technologies, has scheduled its Annual General Meeting of Shareholders for April 17, 2025. Shareholders will have the option to vote via proxy, with relevant documents provided in a recent SEC filing. These developments highlight ongoing activities within Xylo Technologies and its affiliates.

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