ZOOZ Power (company pic)
ZOOZ Power Ltd., an Israeli provider of flywheel-based power boosting solutions for the EV charging infrastructure market, is planning and IPO by way of an SPAC merger. The merger is with NASDAQ-listed Keyarch Acquisition Corporation. Following the closing of the transaction, ZOOZ is expected to be publicly listed on NASDAQ under the symbol “ZOOZ,” and will remain listed on the Tel Aviv Stock Exchange (TASE).
Investopedia explains that an SPAC – Special Purpose Acquisition Company – is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company. Also known as blank check companies, SPACs have existed for decades, but their popularity has soared in recent years.
The company said the transaction values ZOOZ immediately prior to the closing at an agreed equity value of up to $100 million, which reflects $60 million at closing and up to $40 million of additional contingent consideration through issuance of Earnout Shares. The transaction is expected to provide a minimum of $10 million in net proceeds from cash held in Keyarch’s trust account and/or other sources.
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Founded in 2013, ZOOZ says the firm is committed to helping to accelerate the mass adoption of electric vehicles around the world. ZOOZ’s goal is to enable the vast roll-out of cost-effective ultra-fast charging infrastructure while sustainably overcoming existing grid limitations.
ZOOZ pioneers its unique flywheel-based power boosting technology, enabling unlimited high-power charge and discharge cycles with a lifespan of more than 15 years, thus providing minimal total cost of ownership for ultra-fast EV charging infrastructure. As ZOOZ’s product is based on kinetic energy storage in flywheels, it is neither toxic nor based on rare earth materials, making it intrinsically sustainable.
“This transaction is an important phase for ZOOZ and comes at a perfect time. As we further develop our world-wide installed base and with the initiation of our US presence, we believe expanding from being traded on the TASE to being traded on NASDAQ as well, will provide us with enhanced geographic exposure and simpler access to working capital,” stated Avi Cohen, Chairman of ZOOZ. “We are excited about the partnership with Keyarch and we look forward to working together with their experienced executives,” he added.
ZOOZ launched its first-generation kinetic Power Booster in 2018 and deployed it in several sites in the EU. As the EV charging market is rapidly evolving and growing, ZOOZ has recently introduced its second generation innovative ZOOZTER™-100 Power Booster and is working with its customers and partners in Israel, the EU and the US to fulfill its vision to accelerate a scalable roll-out of ultra-fast charging infrastructure, while overcoming limitations of existing grid limitations and allowing reliable and efficient operation with minimal total cost of ownership, over more than 15 years.
