EV Edge Acquires Innova Energy's Stake in Urban Charging Network
Translated & summarized from Calcalist by baba
EV Edge, controlled by businessman George Horesh, has acquired Innova Energy's stake in their joint urban charging network. The network, established in 2019, currently operates 438 public charging stations. This acquisition grants EV Edge access to more charging infrastructure as Israel begins regulating public charging stations, a process expected to conclude by 2028.
The story in 5 lines · by baba
- EV Edge acquired Innova Energy's stake in their joint urban charging network.
- The EV Edge Innova network operates 438 public charging stations nationwide.
- Businessman George Horesh controls the charging company EV Edge.
- Israel is implementing regulations for public charging stations, including price transparency.
- The regulation of public charging stations is expected to be completed by 2028.
EV Edge, an electric vehicle charging company controlled by businessman George Horesh, has acquired the stake held by Innova Energy in the EV Edge Innova charging network. Innova Energy recently underwent a structural change when Nofar Energy acquired Milgam's share in the company. The EV Edge Innova network was established in 2019 to provide public electric vehicle charging stations for local authorities.
Currently, electric cars can be charged at home or publicly. Public charging stations are operated by charging companies and include standard AC chargers, which take several hours, and fast DC chargers, which can charge a vehicle in about an hour. A Knesset Research Center report from the latter half of last year indicated that 25 electric vehicle charging providers were active in Israel, with the top three holding 59% of all charging outlets.
Innova Energy is involved in establishing energy storage facilities and home charging stations. EV Edge Innova currently operates 438 public charging stations nationwide, while EV Edge itself manages approximately 700 stations. The acquisition of Innova Energy's share will grant EV Edge access to parking lots and urban charging stations across the country.
Israel has recently begun regulating the use of public charging stations, requiring providers to publicly display charging prices and enable credit card payments. This regulatory process is expected to continue until 2028, as some fast-charging stations are not yet equipped to install credit card payment terminals.