Revoltz receives approval to market PORTO EV micro vehicle in Israel, enabling youth operation and expanding last-mile delivery solutions.
Quiver AI Summary
Xylo Technologies Ltd. announced that its affiliate, Revoltz Ltd., has received approval from the Israeli Standards Institute to sell its PORTO EV micro vehicle in Israel, allowing riders aged 16 and older to operate it without a driver's license. This milestone is significant for the last-mile delivery market, addressing the high demand for compact and efficient urban transportation. The PORTO EV offers features such as long-range capabilities, substantial storage, and stability under load, making it ideal for local deliveries. Revoltz has also secured a $2.7 million distribution agreement with a prominent Israeli distributor for 150 vehicles in the first year, indicating strong market potential. This aligns with Xylo's commitment to sustainable transportation solutions and expanding its presence in the electric vehicle sector.
Potential Positives
- Xylo Technologies Ltd. has achieved a significant milestone with the Israeli Standards Institute approving the PORTO EV micro vehicle for sale and marketing in Israel.
- This approval allows riders as young as 16 to operate the PORTO EV without a driver’s license, lowering barriers to adoption in the last-mile delivery market.
- The exclusive distribution agreement valued at $2.7 million with a premier distributor in Israel positions Xylo well for growth in a market known for rapid adoption of innovative transportation technologies.
- The PORTO EV is designed for last-mile delivery, emphasizing functionality and sustainability, aligning with the growing demand for eco-friendly transportation solutions in urban areas.
Potential Negatives
- Significant ownership by Xylo in Charging Robotics (63.7%) raises potential concerns about the consolidation of power and influence in the emerging EV market, which could lead to scrutiny over competitive practices.
- The reliance on external distribution agreements, such as the $2.7 million deal with a distributor in Israel, may expose Xylo to risks associated with third-party performance and dependency on external partners for revenue generation.
- Forward-looking statements regarding market prospects are characterized by inherent uncertainty, indicating a risk that expectations may not be met, which could impact investor confidence and stock performance.
FAQ
What is the PORTO EV micro vehicle?
The PORTO EV is a compact electric vehicle designed for last-mile delivery, capable of functioning efficiently in urban environments.
Who owns Revoltz Ltd?
Revoltz Ltd. is 19.9% owned by Charging Robotics, Inc., which is primarily owned by Xylo Technologies Ltd.
What does Israeli Standards Institute approval mean for PORTO EV?
This approval allows the sales and marketing of the PORTO EV in Israel, enabling users as young as 16 to operate it without a license.
How many PORTO EV units are being initially purchased in Israel?
The exclusive distributor has committed to initially purchasing 50 PORTO EV units, with plans for a total of 150 in the first year.
Why is Israel a good market for micro-mobility solutions?
Israel has a strong demand for cost-effective, eco-friendly last-mile delivery options, making it ideal for innovative solutions like the PORTO EV.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$XYLO Hedge Fund Activity
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Full Release
TEL AVIV, Israel, Feb. 04, 2025 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo” or the “Company”), a technology-based company engaged in advanced innovative technologies, announced today that Revoltz Ltd (“Revoltz”), which is 19.9% held by Charging Robotics, Inc. (OTC: CHEV) (“Charging Robotics”), a Delaware corporation quoted on the OTC Market (63.7% owned by Xylo), has received approval from the Israeli Standards Institute to sell and market its PORTO EV micro vehicle in Israel.
The Israeli Standards Institute approval (Standard 6230 Type Approval) is a critical milestone, as it enables PORTO EV riders as young as 16 to operate the vehicle without requiring a driver’s license. This will lower barriers to adoption and make last-mile delivery solutions more accessible to a broader audience, particularly in dense urban areas where efficient, compact transportation is in high demand.
The PORTO EV is specifically designed for the last-mile delivery market, offering a seamless blend of functionality, robust design and agility. Capable of long-range deliveries and a full day's work on a single charge, the PORTO provides storage capacity comparable to the trunk of a small hatchback car. It features a robust tilting mechanism to ensure maximum stability, even under full load, and integrates high-volume loading spaces over the front and rear axles, distributing cargo weight evenly for a safe ride.
Strong Market Potential in Israel for Micro-Mobility Solutions
Israel is known for its rapid adoption of innovative transportation technologies and its emphasis on efficient, sustainable urban mobility solutions. The growing demand for cost-effective, eco-friendly last-mile delivery options makes Israel an ideal market for the introduction of the PORTO EV.
In 2023, Revoltz entered into an exclusive distribution agreement valued at $2.7 million with a premier distributor in Israel, aiming to introduce the advanced PORTO EVs into Israel and adjacent markets. As part of this agreement, the distributor initially purchased 50 PORTO units and committed to purchasing a total of 150 vehicles in the first year. The five-year agreement includes annual milestones and scaled-up sales targets, with the distributor providing service and maintenance for the PORTO vehicles, focusing mainly on the local delivery market.
The approval from the Israeli Standards Institute marks a significant milestone for Revoltz, enabling the company to commence sales and marketing activities for the PORTO EV micro vehicle in Israel. This development aligns with Charging Robotics' commitment to advancing sustainable transportation solutions and expanding its presence in the EV market.
About Xylo
Based in Israel, Xylo Technologies Ltd. (Nasdaq: XYLO) is a technology company focused on innovative growth partnerships, mainly in the advanced medical solutions, digital commerce, and electric vehicle markets. Xylo’s affiliations in the medical solutions arena include ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics, Inc. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. Other affiliations of the Company include Zig Miami 54 LLC.
Xylo is traded on The Nasdaq Capital Market. To learn more about Xylo’s advanced technologies, please visit https://ir.xylotech.ai/ .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Xylo’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Xylo could differ materially from those described in or implied by the statements in this press release. For example, Xylo uses forward looking statements when describing the impact of the Israeli Standards Institute approval on the PORTO EV’s market prospects.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Xylo undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Xylo is not responsible for the contents on third-party websites.
Company Contact:
Tali Dinar
Chief Financial Officer
[email protected]
Investor Relations Contact:
Michal Efraty
Investor Relations,
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