A King of Prussia electric vehicle company remains in Montco as it enters a new chapter, writes Sarah Huffman for Technical.ly.
InductEV, known for its wireless EV charging technology, was recently acquired by Israel-based Electreon. Despite the international deal, company leaders say InductEV will maintain its headquarters in King of Prussia and continue operations locally.
CEO John Rizzo said the company initially sought new funding last year but faced a challenging investment climate amid cooling interest in the EV sector. Since its founding in 2009, InductEV has raised $97 million. Ultimately, leadership opted for a strategic acquisition that could provide capital, complementary technology, and expanded global reach.
InductEV specializes in wireless charging systems for vehicles while stopped. It often serves municipal fleets. Electreon develops infrastructure that can charge vehicles both while parked and in motion, including passenger vehicles and autonomous fleets.
The companies began discussions last fall and finalized the deal this week. InductEV will continue fulfilling its existing customer backlog while exploring ways to integrate technologies.
Rizzo said the partnership strengthens the company’s financial footing and accelerates its mission to reduce carbon emissions.
With expanded manufacturing and access to European and Asian markets, InductEV expects to move more aggressively in the EV space — all while keeping its home base in Montco.
Read more about the future of King of Prussia’s InductEV in Technical.ly.
