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The Israeli "Drives" sells for NIS 700 million - Walla! Of money

2021-12-26T09:32:45.241Z


Another Israeli auto-tech act. Drives, a company that provides software for managing vehicle fleets and service providers in the field of electric vehicles, is sold to an American energy infrastructure giant


The Israeli "Drives" is sold for NIS 700 million

Another Israeli auto-tech act.

Drives, a company that provides software for managing vehicle fleets and service providers in the field of electric vehicles, is sold to an American energy infrastructure giant

Keenan Cohen

26/12/2021

Sunday, 26 December 2021, 11:01 Updated: 11:19

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Just before the end of the year, another huge deal is signed in the Israeli auto-tech market, with the American infrastructure giant Gilbarco Veeder-Root acquiring the Israeli drives company Tzachi Mercury and Doron Frenkel for NIS 700 million.



The automotive world, which is rapidly changing direction to the worlds of electric vehicles, has closed the gap at the level of automakers, but the entire envelope of charging infrastructure has been left behind.

And it's not just about the technical aspect of setting up charging stations, but also the need to manage these charging arrays.

Drives is one of the companies that has entered this field and offers software solutions for the field of electric vehicles.

From energy management and optimization to billing or even an app used by drivers.

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Tzachi Mercury, controlling shareholder of Drives (Photo: PR)

The acquiring company Gilbarco Veeder-Root is already engaged in the technological supply and refueling and charging equipment of electric vehicles and the technological solutions of Drives will allow it to offer a more comprehensive service to customers, in fact the option to "pack" the entire operation of electric vehicle fleet from end to end. Charging to customer billing.



In addition to energy companies, the truck manufacturer Volvo also invested in the company in the last round of recruitment in February 2020, and later in May this year the company signed a collaboration between it and Volvo for a pilot of deploying charging stations (https://finance.walla.co.il/item/3432995).

The idea there was to examine the possibility of creating a sequence of charging stations for electric trucks, one that would make it easier for truck manufacturers' customers to switch to electric vehicles without compromising the scope of operation.

Volvo: Invested in Drives and even participated in a pilot of deploying charging stations for the company's trucks (Photo: Volvo)

To date, $ 37 million has been invested in Drives, and it employs about 80 people, most of them in Israel.

According to the company, it intends to continue to employ all employees and even recruit additional employees.

  • Of money

Tags

  • electric car

  • charging

  • infrastructure

  • Exit

Source: walla

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