Chakratec Successfully Completes A Funding Round Of Ils 96 Million (~30M Usd) For The Implementation Of The Company's Strategic Plan And Acceleration Of Its Growth
Chakratec Successfully Completes A Funding Round Of Ils 96 Million (~30M Usd) For The Implementation Of The Company's Strategic Plan And Acceleration Of Its Growth
03/21/22, 9:00 AM
Location
tel avivChakratec (TASE: CKRT) announces that it has successfully completed a capital raising round of ILS 96 million (approx. USD 30 million) led by Afcon Holdings and leading institutional companies that participated in the round and have become interested parties in the company – the investment houses of More, Yelin Lapidot, and Meitav Dash, and the Phoenix Insurance Company. Under the capital raising process, new shares were issued at a price of ILS 2.34 per share, as well as warrants convertible into shares at a price of ILS 2.8 during the coming year, after which the exercise price will be ILS 3.6 through to expiration of the warrants in three years. If all the warrants are exercised, the company will gain more than ILS 170 million (~50M USD) for the shares and warrants.
Company Info
Location
tel aviv, tel aviv district, israel
Additional Info
If all the warrants are exercised, the company will gain more than ILS 170 million (~50M USD) for the shares and warrants. In the months ahead, the company plans to accelerate its penetration into the US market, and to launch pilot installations of the KPB100 in collaboration with ARKO (a major US convenience store chain) and with Blink Charging (a major US Charge Point Operator). Chakratec develops and markets a kinetic energy storage systems, based on flywheels. Chakratec introduces to this rapidly growing market, at an excellent timing, a unique, sustainable and innovative solution, which is attracting huge interest. Chakratec (TASE: CKRT) develops and markets kinetic energy storage systems that enable ultra-fast charging of EVs, notwithstanding any power limitations of the local grid.