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TEL AVIV - Xylo Technologies Ltd. (NASDAQ:XYLO), an Israeli tech company with a market capitalization of $3.84 million and currently trading below its InvestingPro Fair Value, announced Monday the launch of the PORTO EV by its affiliate Revoltz Ltd. The electric micro vehicle, designed for last-mile deliveries, marks its first global commercial rollout following recent approval by the Israeli Standards Institute.
Revoltz, which is 19.9% owned by Charging Robotics, Inc. (OTC:CHEV) – itself 62.22% owned by Xylo – has delivered the first batch of 50 units to its exclusive Israeli distributor. This initial delivery is part of a larger five-year, $2.7 million distribution agreement that includes a commitment to purchase 150 vehicles in the first year. The deal comes as Xylo's stock has shown strong momentum, gaining over 71% in the past six months.
The PORTO EV is built for dense urban environments and offers high-volume cargo space, full-day range on a single charge, and can be operated without a license by individuals 16 and over under Israeli regulations. The vehicle is intended to meet growing demand for sustainable and efficient urban transport solutions.
Revoltz's CEO Amir Zaid expressed enthusiasm about the commercial sales launch in Israel, citing it as a validation of strong market demand for sustainable, high-performance last-mile delivery solutions.
The Israeli distributor handling the PORTO EV will manage sales, service, and maintenance, targeting local delivery fleets, logistics companies, and small businesses. The move comes as compact electric vehicles gain popularity in cities grappling with noise, pollution, and traffic congestion.
Xylo Technologies has a diverse portfolio that includes advanced medical solutions, digital commerce, and electric vehicles. Its affiliates include Polyrizon Ltd., Gix Internet Ltd., Eventer Technologies Ltd., Charging Robotics, Inc., and Revoltz Ltd., among others.
The information in this article is based on a press release statement from Xylo Technologies Ltd. and does not include speculation on the broader industry impacts or trends. The company's forward-looking statements are subject to risks and uncertainties, and actual results may differ from those projected. While currently unprofitable, analysts tracked by InvestingPro expect the company to turn profitable this year. Discover 8 more exclusive ProTips and detailed financial metrics with an InvestingPro subscription.
In other recent news, Polyrizon Ltd. has announced the date for its Annual General Meeting (AGM) of Shareholders, scheduled for April 17, 2025, at its headquarters in Raanana, Israel. Shareholders will have the opportunity to vote via proxy, with documents provided in the company's SEC filing. This filing, a Form 6-K, incorporates information into Polyrizon's existing Registration Statement on Form S-8. Additionally, Polyrizon has appointed Liron Carmel to its Board of Directors, effective immediately. Mr. Carmel, who has extensive experience across various industries, rejoins the board after a previous tenure. His appointment was approved by the Board of Directors and disclosed in a recent SEC filing. Mr. Carmel is currently the CEO of Xylo Technologies Ltd. and has held significant roles in other companies, adding valuable expertise to Polyrizon's leadership. These developments reflect ongoing efforts to enhance the company's governance and strategic direction.
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