Israeli startup Chakratec has raised $4.4 million from the iArgento Group and the Singaporean company Goldbell in a series C financing round. The company will use the new funding to conduct pilot projects with three European utilities. It hopes to receive its first orders later this year.
Chakratec, established in 2013, has developed an energy storage technology powered by kinetic batteries using a flywheel. Chakratec’s kinetic batteries are capable of a large number (tens to hundreds of thousands) of charge and discharge cycles over a lifetime of 20 years.
Incorporating battery storage into DC fast charging stations can smooth out energy demand, reducing or eliminating the need to upgrade electrical distribution infrastructure. According to Chakratec, its kinetic batteries are superior to chemical batteries for this application, because of the number of cycles and high power required.
“Chakratec has developed an innovative EV charging technology that obviates the need for upgrading the power grid, enabling rapid deployment of fast EV charging systems,” said Chakratec CEO Ilan Ben-David. “The company is currently conducting pilot projects with three global energy providers that see our technology as the solution for reduced EV charging times.”