ZOOZ Power Ltd. and Keyarch Acquisition today announced a business combination agreement at an equity value of up to $100 million.
The target is a provider of flywheel-based power boosting solutions for the EV charging infrastructure market.
If approved, the deal is expected to close in the fourth quarter. There is a minimum $10 million cash consideration to close.
The equity value reflects $60 million at closing and up to $40 million of additional contingent consideration through earnout shares.
Israel-based ZOOZ (formerly known as Chakratec Ltd) was established in 2013 . The company is focused on the development, manufacturing and marketing of innovative Power Boosters aimed to support ultra-fast charging of electrical vehicles.
Keyarch raised $115 million in a February 2022 IPO. Read more.
