The pilot project in cooperation with Parkomot Ltd., an Israeli APS market leader, is another step towards our vision of wireless charging

Tel Aviv, Israel, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (NASDAQ:MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that Charging Robotics Ltd., an innovator in wireless charging solutions and a subsidiary of Fuel Doctor Holdings, Inc., ("FDOC") a Delaware corporation listed on the OTC Market (66.84% owned by Medigus), received approval for funding from the Israeli Innovation Authority for a pilot project that includes installing and demonstrating its solution for wireless charging of electric vehicles (EVs) in automated parking systems. The system will be installed and tested in an automated parking system that was installed by Parkomot and meets a growing need for charging EVs in automated parking systems, where drivers aren't able to connect a charging plug to the EV socket. The total approved budget for this project is approximately NIS 1.2 million ($445,000), of which the Israel Innovation Authority will finance 50%.

The approval for the funding, provided by the Israel Innovation Authority, was received after a rigorous due diligence process regarding the technology, the market, the competitive landscape and Charging Robotics' team. The Israel Innovation Authority provides support for Israeli companies with cutting edge technologies which answer needs in large markets. One of the acceptance criteria for this project was its alignment with the Israeli Ministry of Energy's needs, so the due diligence process was conducted by Israel Innovation Authority project officers as well as subject matter experts from the Israeli Ministry of Energy. The Israeli Ministry of Energy promotes technologies relating to electric transportation and found this project in alignment with the goals for EV market adoption.