King of Prussia’s InductEV, a longtime innovator in wireless electric vehicle charging, agrees to be acquired by Israel’s Electreon Wireless, writes Ryan Mulligan for The Philadelphia Business Journal.
The all-stock deal is valued at roughly $10.5 million. Shareholders will receive 4.1% of Electreon stock when the transaction closes in January.
InductEV’s large-scale charging pads, capable of powering EVs without a cable, has drawn national attention, including recognition as a Time Best Invention in 2024. The company has raised $170 million since its 2009 founding and maintains a 50,000-square-foot R&D hub in King of Prussia.
CEO John Rizzo is a Silicon Valley veteran who worked on the original Apple Macintosh. He says the acquisition positions InductEV to expand into markets where EV adoption remains strong. Electreon operates wireless charging installations across nine countries, particularly in Europe, and sees the partnership as a strategic fit for scaling both technologies.
The move follows a difficult year for U.S. EV policy. The rollback of federal tax credits under President Donald Trump sharply cooled domestic demand, prompting InductEV to pursue global opportunities and secure long-term capital through Electreon.
To learn more about the acquisition, visit The Philadelphia Business Journal.
