Board of Directors Announces Restructuring Plan.

ZOOZ Power, a leading provider of flywheel-based power boosters and energy management systems for enabling ultra-fast EV charging solutions, announced that its board of directors has approved a plan to explore additional strategic alternatives to fully capitalize on its advanced, patented flywheel technology.

Over the past several months, ZOOZ Power has engaged in ongoing discussions with a prominent defense and intelligence electronics company regarding deployment of a robust, repetitive short-duration power booster capable of operating in challenging environments. ZOOZ Power is currently conducting a proof of concept (POC) with this defense company — a collaboration that has the potential to unlock new verticals and significantly broaden the application of its flywheel technology.

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As part of the efforts to enhance execution, the board has also approved a company-wide cost reduction and restructuring initiative designed to reduce operating costs by approximately 35%. These cost efficiencies will enable greater business flexibility.

“This POC engagement with a leading defense electronics company validates the versatility and competitive advantage of our flywheel technology in mission-critical environments, beyond our core EV charging systems,” said Erez Zimerman, Chief Executive Officer of ZOOZ Power. “At the same time, our cost reduction and restructuring plan will ensure we are lean, agile, and focused on the areas that we believe are most likely to deliver the highest growth and return.”

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About ZOOZ Power

ZOOZ Power is a leading provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations.

ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.

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Source – Globenewswire