TEL AVIV - Xylo Technologies Ltd. (NASDAQ:XYLO), an Israeli technology company, has announced that its 67% owned subsidiary, Charging Robotics Inc. (OTC:CHEV), has received its inaugural commercial order for a wireless electric vehicle (EV) charging system. The system is designed for integration into automatic parking facilities, with the order placed by Parking Design Ltd., a company specializing in cutting-edge parking solutions.
The purchase order includes 12 systems capable of charging multiple EVs simultaneously, which is expected to enhance the efficiency and convenience of automatic parking facilities. Delivery and full operational integration of the systems at Parking Design's facilities are scheduled throughout 2025.
Charging Robotics' system employs machine learning and artificial intelligence to optimize the charging process for EVs. It prioritizes charging based on several factors, including departure time, vehicle type, and driving patterns. The company has already conducted a successful pilot installation of its wireless charging system in Tel Aviv.
This development represents significant progress in the field of automated parking and EV charging technology. Parking Design is known for its innovative solutions that maximize space utilization and user convenience, and this collaboration with Charging Robotics aims to transform the management and charging of EVs in automated parking environments.
About Charging Robotics: Charging Robotics is engaged in the development of automatic wireless charging solutions, including robotic and stationary systems for EVs. Their robotic solutions allow drivers to initiate charging via a smartphone app, directing an autonomous robot to navigate under the EV for charging. The stationary systems are designed to enable EV charging in settings where manual plug connections are not feasible.
About Xylo: Xylo Technologies Ltd., based in Israel, focuses on innovative growth partnerships in various sectors including advanced medical solutions, digital commerce, and the electric vehicle market. Its portfolio includes affiliations with companies like Polyrizon Ltd., Gix Internet Ltd., and Revoltz Ltd. Xylo is listed on the Nasdaq Capital Market.
The information in this article is based on a press release statement.
In other recent news, Xylo Technologies Ltd., previously known as Medigus Ltd., has been actively expanding its technological capabilities. The company has announced an intent to acquire an AI robotics firm, which specializes in autonomous solutions for medical logistics, through a share swap deal. This acquisition is set to enhance Gix Internet Ltd., a subsidiary of Xylo Technologies, by expanding its AI and robotics capabilities.
In a similar move, Xylo also plans to acquire a German firm that specializes in AI for predictive maintenance and condition monitoring. This acquisition is set to further broaden Xylo's portfolio across various industries.
In addition to these acquisitions, the company has also been focusing on innovative technologies in the electric vehicle (EV) market. Xylo's subsidiary, Charging Robotics Ltd., has completed the installation of a novel wireless charging system for electric vehicles in an automated parking system in Tel Aviv.
Furthermore, Revoltz Ltd., a joint venture of Xylo, has completed the production of its first batch of 50 micro-mobility electric vehicles, marking a significant step towards penetrating the Israeli last-mile delivery market.
These recent developments reflect Xylo's strategic growth and its commitment to innovative technologies across various sectors.
InvestingPro Insights
As Xylo Technologies Ltd. (NASDAQ:XYLO) makes strides in the electric vehicle (EV) charging market, financial metrics and performance insights from InvestingPro could be pivotal for investors tracking the company's progress. Xylo, which is engaged in various sectors including the burgeoning EV market, has a market capitalization of 3.28 million USD, reflecting its size and investor valuation in the market.
InvestingPro data shows a concerning trend for Xylo, with a negative P/E ratio of -0.27 for the last twelve months as of Q4 2023, indicating that the company is not currently profitable. Additionally, the company's revenue growth has declined by 32.62% in Q4 2023 compared to the previous quarter, which may raise questions about its short-term revenue trajectory. Moreover, the company's stock price has experienced significant volatility, as evidenced by a 52-week low price percentage of 34.0%, suggesting a period of underperformance in the market.
Among the multiple InvestingPro Tips available for Xylo, a couple of key points stand out. Firstly, Xylo holds more cash than debt on its balance sheet, which could provide a cushion for operational needs or future investments. Secondly, the company has been identified as trading at a low revenue valuation multiple, which might appeal to value investors looking for potentially undervalued stocks.
While Xylo has shown promise with its latest developments in EV charging technology, financial metrics indicate challenges in profitability and revenue growth. For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available, which could further inform investment decisions. To explore these insights, visit https://www.investing.com/pro/XYLO and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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