Charging Robotics receives commercial order

TEL AVIV, Israel, July 23, 2024 (GLOBE NEWSWIRE) — Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo” and the “Company”), a technology company focused on cutting-edge innovative technologies, today announced that Charging Robotics, Inc. (OTC: CHEV) (“Charging Robotics”), an innovator of wireless charging solutions 67% owned by Xylo, has received its first commercial order for the implementation of its wireless charging system designed for automated parking facilities. This order comes from Parking Design Ltd. (“Parking Design”), a leading innovator in the development and design of parking solutions. This collaboration, announced on June 27, 2024, marks a significant advancement in the evolution of automated parking and charging technologies for electric vehicles (EV).

The purchase order is for an initial batch of 12 systems, capable of wireless charging. The system enables multiple EVs to be charged simultaneously, greatly improving the efficiency and convenience of automatic parking facilities.

The assignment is to be carried out in the course of 2025. This ensures that the systems will be fully operational and integrated into Parking Design’s facilities within a year.

Charging Robotics’ system uses machine learning and artificial intelligence algorithms to efficiently manage the charging of electric vehicles in automated parking facilities. This technology responds to the increasing demand for electricity by prioritizing and optimizing the charging sequence for electric vehicles based on various parameters, such as scheduled departure time, vehicle type and individual driving habits.

Charging Robotics recently installed its wireless charging system as a pilot project in an automated parking garage in Tel Aviv, Israel.

Parking Design specializes in innovative parking solutions, offering comprehensive designs that maximize space efficiency and improve user convenience. This partnership with Charging Robotics will revolutionize the way electric vehicles are managed and charged in automated parking environments, ensuring sustainability and operational excellence.

About charging robotics
Charging Robotics develops various automated wireless charging solutions, such as robotic and stationary charging systems for electric vehicles. Robotic solutions are designed to allow the driver to initiate charging using a simple smartphone app that instructs an autonomous robot, which navigates underneath the electric vehicle for access and charging opportunities. Charging Robotics’ stationary systems offer various charging solutions, including automated parking spaces where the company’s system enables electric vehicles to charge in places where drivers cannot plug into outlets. For more information, visit: https://www.chargingrobotics.com

About Xylo
Xylo Technologies Ltd. (Nasdaq: XYLO), based in Israel, is a technology company focused on innovative growth partnerships primarily in advanced medical solutions, digital commerce, and electric vehicle markets. Xylo’s affiliations in the medical solutions arena include ownership of Polyrizon Ltd. The company’s affiliations 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. The company’s other affiliations include Parazero Technologies Ltd., Zig Miami 54 LLC.

Xylo is traded on the Nasdaq Capital Market. For more information about Xylo’s cutting-edge technologies, 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 relate to future events and are based on Xylo’s current expectations, they are subject to various risks and uncertainties, and Xylo’s actual results, performance or achievements may differ materially from those described in or implied by the statements in this press release. For example, Xylo uses forward-looking statements when describing the potential of the collaboration between Charging Robotics and Parking Designs to impact the automated parking market.

The forward-looking statements included or implied in this press release are subject to other risks and uncertainties, including those discussed in filings with the SEC. Except as otherwise required by law, Xylo undertakes no obligation to release publicly 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 are provided as a convenience, and the information on such websites is not incorporated by reference into this press release. Xylo is not responsible for the content on third-party websites.

Company contact:
Tali Dinar
Finance Director
[email protected]

Investor Relations Contact:
Michal Efraty
Investor Relations,
[email protected]