Elbit systems eyes civilian transportation market

12 July, 2016

The Israeli defense systems company will establish a new company based on its own energy technology for civilian transportation. An unnamed strategic investor will invest some $18 in the new subsidiary. According to some analysts, the one of the company’s first developments will be supercapacitors for rapid electric bus recharging

The Israeli defense systems company will establish a new company based on its own energy technology for civilian transportation. An unnamed strategic investor will invest some $18 in the new subsidiary. According to some analysts, the one of the company’s first developments will be supercapacitors for rapid electric bus recharging

The Automotive industry is undergoing great changes – clean energy, autonomous driving and car sharing are no longer buzz words but viable business strategies.  This great turmoil has not gone unnoticed by Israeli defense system company Elbit systems. The Israeli defense system company announced it is founding a new subsidiary that will develop energy solutions for the civilian transportation market. These solutions will be based on technologies developed by Elbit systems. The New Company headquarters will be based in Israel and the employees of Elbit Systems Land & C4I’s energy business unit will be employed in the New Company.

The new company has already recruited a strategic investor. An unnamed global player from the automotive will invest some $18 million in exchange for 20% of the new company’s shares and will grant the new company rights to several of its energy related technologies.

Elbit has not disclosed any detailed information as for the company’s core technologies and interests. Sources in the industry estimate the company will focus on the development of supercapacitors for rapid electric bus recharging, based on an existing Elbit technology for the recharging of military vehicles. Another speculation is that the mysterious investor is a Chinese car manufacturer, due to the fact that the electric bus sector in China is highly developed.

ELBIT-CEO
Bezhalel (Butzi) Machlis, Elbit Systems President

Bezhalel (Butzi) Machlis, Elbit Systems President, said: “Elbit Systems’ extensive array of technologies enables us from time to time, to develop technologies providing solutions for the commercial market.” Machlis added: “I expect this New Company will grow substantially and develop more energy solutions for civilian transportation applications.”

Elbit’s latest move is consistent with Elbit president Machlis’s strategy, striving to expand Elbit’s activities into civilian markets, in order to reduce the company’s exposure to reduction in defense expenditures in Israel and abroad.

 

Share via Whatsapp

Posted in: Aerospace & Defense , Business , Energy & Environment , News , Technology