ElectReon announced it has signed a 5-year agreement with Dan Bus Company to expand its wireless charging network to support public electric bus routes in Tel Aviv and the wider metropolitan area. The implementation, costing USD 9.4 million, will supply 200 electric buses with active charging at operational city terminals (stations) for buses between bus trips and while passengers board and disembark. This charging strategy will allow for the reduction of electrical grid connection capacities at the bus facilities and reduce vehicle battery capacity, size and weight for Dan Bus Company’s electric buses—curtailing fleet vehicle down-time and enabling extended operational hours. ElectReon will provide a full charging service at multiple operating terminals in the Tel Aviv Metropolitan Area and in Israel’s Southern District, for which Dan will pay a monthly fee for the complete charging service stack for approximately 200 electric buses. Dan elected to choose ElectReon’s Charging as a Service (CaaS) model, in which ElectReon finances the charging infrastructure at the terminals and provides operation services and maintenance throughout the length of the 5-year project. Additionally, the partners will explore the possibility of installing ElectReon’s wireless charging system for the rest of Dan's electric fleet and in Dan’s highway project 'Netivei Ayalon’. In the first phase of the project, ElectReon will install its wireless charging system in 100 buses and at the major public transport terminal, Reading, in North Tel Aviv. As part of the second phase of the project that will take place within two years, the charging infrastructure will be expanded to other major terminals in Tel Aviv and in the south region of Israel, so that the company will provide wireless charging for about 200 buses in total. This agreement expands on the initial September 2020 collaboration between ElectReon and Dan Bus Company to deploy wireless EV charging infrastructure to actively charge a bus from a half mile of electrified wireless roadway between Tel Aviv University and the nearby train station as well as wireless stationary charging stations installed at the bus terminal at the beginning of the bus route. The bus operator was able to reduce the vehicle battery capacity by 90% by enabling the bus to actively charge while driving as well as increase vehicle operational hours due to the fact that less downtime for charging was required. Adding to the efficiency of the wireless charging infrastructure, the expanded agreement also includes ElectReon providing Dan Bus Company with a Charging as a Service (CaaS) financing model which will demonstrate the feasibility of the innovative financial model for the company and its customers globally.