Vontier buys Israeli EV charging co Driivz


US firm Vontier Corp. (NYSE: VNT) at this time introduced the acquisition of Israeli electrical car charging and power administration software program developer Driivz No monetary particulars concerning the deal have been disclosed though Vontier mentioned it was a part of its $500 million dedication to guide in power transition.

Based in by CEO Doron Frenkel, Driivz has raised $23 million plus an undisclosed quantity from Volvo final March. The Hod Hasharon-based firm has developed a platform for end-to-end administration of enormous charging networks for electrical automobiles.

Vontier president and CEO Mark Morelli mentioned, “The power panorama will change extra within the subsequent 10 years than within the earlier hundred and at this time’s announcement underscores our Web Zero targets and advances our plan to ship options to assist tackle the worldwide emissions challenges.”

He added, “The acquisition of Driivz accelerates our portfolio diversification and e-mobility methods towards long-term secular progress drivers and positions us effectively to capitalize on the worldwide EVCI market alternatives. Driivz supplies us with market main applied sciences throughout the highest progress, most worthwhile community administration software program market section. We’re excited to supply our clients with best-in-class software program that’s {hardware} agnostic and the flexibility to proceed to personal the patron expertise.”

Driivz supplies options to a variety of shoppers collaborating within the international growth of electrical car charging, together with utilities, cost level operators, fleets, OEMs, EMSPs (e-mobility service suppliers), and oil and gasoline firms. Driivz’s extremely scalable software program helps over 500 completely different charger sorts offering its clients with entry to over 100,000 charging factors worldwide. Driivz’s superior options and structure will allow present and new clients to quickly scale their charging networks to satisfy rising international demand.

Frenkel mentioned, “This acquisition will advance our imaginative and prescient and mission to rework the EV charging power problem into an answer to a much bigger downside – making a greener world for future generations. Collectively we will drive broader and deeper impression at a worldwide scale and decarbonize our clients’ power footprint.”

Driivz will proceed to be led by Frenkel and can be run as an impartial firm and wholly owned subsidiary of Vontier.

Printed by Globes, Israel enterprise information – en.globes.co.il – on February 8, 2022.

© Copyright of Globes Writer Itonut (1983) Ltd., 2022.


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