An Israeli firm that provides wireless electronic power to public transportation has recruited another politician to its ranks: ElectReon Wireless has announced Monday that former New York City Council Speaker Corey Johnson was joining the Israeli charge-while-you-drive company as a strategic advisor.
Johnson will help ElectReon formulate a penetration strategy for the American market with a focus on New York (city and state). ElectReon, which develops wireless charging systems aimed at public transportation, said it had identified New York as a major market due to the city’s branding, and to the large number of commercial vehicle fleets operating there.
ElectReon plans a wider entrance into the general American market and has set up a U.S. subsidiary for this purpose.
ElectReon is based in Israel, where it has a massive office that also includes a test circuit for its products.
Johnson, who led New York’s public transport master plan in 2019, will join the company as an advisor to help create a strategy to shift the vehicle fleets operating in the city to electricity. He will also liaise with municipal and state officials, initiate contacts with clients and provide support for the company’s vision vis-à-vis various officials in the city and the state.
Last August, former Israeli President Reuven Rivlin, was appointed as president of ElectReon. The company said at the time that his role would be to promote collaborations with governments and global companies, and expose decision makers around the world to its activities with the hope of securing new clientele.
ElectReon was founded in 2013 by Oren Ezer, the company’s CEO, and Hanan Rumbak, its chief scientist. The company’s technology enables wireless charging via coils implanted under roads, and is aimed at reducing the need for charging stations for electric vehicles. Since going public on the Tel Aviv Stock Exchange via a merger with a shell company in 2018, its share value has soared by hundreds of percent. However, since reaching a peak last October, it has since dropped by 50%.
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ElectReon’s market capitalization currently stands at NIS 1.6 billion, down from its record of NIS 3.1 billion. Since the beginning of 2022, the company’s share price has dropped 20% and it was one of the worst-performing stocks of 2021, with a fall of 22%.