ABT e-Line plans for commercial introduction of wireless charging, starting with the Volkswagen ID.4 in 2024
The companies will work together to accelerate the adoption of wireless charging for EVs by deploying the first aftermarket solutions in Europe
KEMPTEN, Germany and WATERTOWN, Mass., March 23, 2023 — ABT e-Line, a technology driver and one of the leading companies in aftermarket automotive solutions, and WiTricity, the leader in wireless electric vehicle charging, announced plans to deliver aftermarket wireless EV charging in Europe. With extensive experience working with the Volkswagen Group (VW), ABT e-Line will initially upgrade the VW ID.4 to support wireless charging from WiTricity, with availability targeted for early 2024. The company plans to expand to additional EV models thereafter.
“ABT e-Line’s strong track record in customizing vehicles to meet the stringent demands of discerning customers fits perfectly with the leading wireless charging technology from WiTricity”, says Eric Plekkepoel, CEO of ABT e-Line.
ABT e-Line plans to extend wireless charging capability to additional vehicles, including the Audi e-Tron GT and Porsche Taycan as well as the Volkswagen ID. Buzz – an iconic lifestyle vehicle that fits perfectly to the ABT brand. The added feature of wireless charging will not only appeal to their tech-savvy customer bases but also provide further differentiation in their respective classes.
“We’re thrilled to see the simplicity and convenience of wireless charging expand to vehicles in Europe through this partnership with one of the leading companies in automotive upgrade and aftermarket solutions,” said Alex Gruzen, CEO, WiTricity. “Our proven, automotive-grade charging solutions will help address many of the electrification challenges by making charging as easy as parking.”
WiTricity’s magnetic resonance technology allows drivers to charge their EV simply by parking over a charging pad – all with the same speed and efficiency as plugging into Level 2 equipment. The global automotive standard for wireless charging for EVs was ratified by the Society of Automotive Engineers in 2020, based in large part on WiTricity’s designs, and ensures that both the ABT e-Line vehicles and WiTricity’s chargers will interoperate with other manufacturers.
Meeting consumer demand with a simplified charging experience
Consumers have indicated a strong desire for wireless EV charging. In several studies, 96 percent of EV consumers have expressed an interest in wireless charging1, ranking it significantly higher in desirability than such other options as assisted parking or autonomous driving features2. ABT e-Line plans to meet this demand with new EVs that are equally desirable to promote the convenience, safety and accessibility of wireless charging across Europe.
“EV owners tend to count charging as the key drawback to ownership, and potential owners may see it as a reason to delay purchase. Charging with a cord or cable is inconvenient, as they can be heavy, bulky or trip hazards,” explained Gruzen. “And that’s before you add arms full of kids or backpacks, rainy weather or snowbanks. Wireless charging removes those inconveniences, so owners can simply park and charge.”
About ABT e-Line
As a traditionally innovative company, ABT Sportsline has been conducting research in the field of e-mobility since 2009. In 2013, the first VW Caddy converted to electric drive by ABT appeared on the road. Since then, the electric vehicles have driven several million kilometers on delivery journeys. The experiences gathered during tough everyday use were a valuable contribution to the development of the next vehicle generation. The 2018 founded ABT e-Line GmbH, which is fully focused on e-mobility and alternative drive trains, is responsible for this field of work.
The spectrum of tasks ranges from the development and programming of control units, lithium batteries and complete drive trains to the construction of ready-to-run prototypes and small series production. As a premium partner of VW Commercial Vehicles, the company converted the T6.1 and the Caddy into electric vehicles. Together with major automotive groups, leading global suppliers and research institutes, ABT e-Line also carries out important development work in the areas of hydrogen drives and batteries.
About WiTricity
WiTricity is the pioneer in wireless charging for electric vehicles, leading the development and implementation of magnetic resonance technology across passenger and commercial vehicles alike. The company’s products are backed by an extensive patent portfolio critical to ratified global EV wireless charging standards including SAE, ISO, and GB. Automakers and Tier 1 suppliers rely on WiTricity to help accelerate the adoption of EVs by eliminating the hassle of plug-in charging and setting the stage for future autonomy. Beyond EVs, WiTricity technology is indispensable to the wireless charging of all products, from consumer electronics to micro-mobility to robotics.
Climate tech company Bio-Logical has raised a $1m seed round to scale up its operations in Kenya, facilitating its mission to build climate resilient communities of smallholder farmers around the world.
Smallholder farmers are facing a dire outlook with faltering harvests, increasingly extreme weather and skyrocketing fertiliser prices becoming increasingly common due to climate change. Bio-Logical addresses this challenge through a circular economy, transforming waste into biochar, a super material that sequesters carbon for millenia and regenerates degraded soil. Their biochar is then incorporated into an organic fertiliser which is distributed to smallholder farmers in the region, regenerating land, increasing crop drought resistance and boosting yields by over 50%.
“Bio-Logical was founded on the belief that Smallholder farmers should not suffer at the hands of a climate crisis they have played no part in. At present, soil degradation and changing weather patterns due to climate change is directly threatening the livelihoods of 500 million smallholder farmers around the world.” Rory Buckworth, Co-Founder
Utilising its innovative technology, Bio-Logical’s first site will be the largest biochar production facility in Africa. It will transform over 30,000 tonnes of agricultural waste a year into biochar, sequestering 25,000 tonnes of CO2. This process will generate carbon credits, the revenue from which will be used to subsidise its resilience building fertiliser for smallholder farmers, boosting yields and reducing fertiliser costs.
“We believe carbon credits should do more than simply remove carbon from the atmosphere and instead should be used to build the resilience of climate vulnerable communities” Philip Hunter, Co-Founder
The funding round is led by the Steyn Group alongside Angel Investors Rob Konterman, Luke Calcott-Stevens and Jochem Wieringa. The round will go towards the development of Bio-Logical’s first Kenya site which will pave the way for its expansion throughout the region that will see the company scale to support 1 million smallholders and sequester 1 million tonnes of CO2 annually by 2030.
Setscale, a purchase order financing company, reports on small business financing, highlighting the lack of access to US government contracts
Setscale, the purchase order financing company, released today its first-ever report on US small business financing. The report surveyed US small business owners to better understand some of the financial barriers to small business ownership, including their awareness of federal government contracts for small businesses.
69% of US small businesses struggle with cash flow, preventing them from meeting the demand of government contracts.
More than half (52%) of all surveyed small business owners revealed that they aren’t aware of the specific contracts the US federal government awards to small businesses each year, missing out on approximately $84 billion* per year.
Government contracts are well-valued and often serve as a gateway to a steady source of income and small business growth. More than 70% (71%) of surveyed US small businesses say that they’re aware of lucrative and reliable government contracts, but more than half (52%) say they don’t know what specific contracts are available to them. And over a quarter of US small businesses (29%) are completely unaware that the federal government awards contracts to small businesses.
This report highlights that the federal government is investing in small businesses in record-high amounts, but business owners are still struggling to fill open government purchase orders. Almost 70% (69%) of US small businesses struggle with cash flow and working capital, preventing them from meeting the demand of a government contract. Many businesses pursue lines of credit from a bank or financial institution to fulfill purchase orders, but these are costly and hard to obtain. Alternative finance like purchase order financing can help these businesses secure and fulfill valuable government contracts.
Moreover, US small business owners say that a lack of cash flow and working capital prevents them from securing government contracts. At 22%, a lack of cash flow or capital is the second most popular reason that prevents US small business owners from securing a government contract. The most popular reason they aren’t securing government contracts is due to a lack of time and resources (25%).
“Our small business financing report sheds light on an issue that more than half of surveyed business owners know all too well – that even though the US federal government is awarding a record number of contracts to our small businesses, they’re still struggling financially to fulfill open purchase orders, potentially losing out on more than $80 billion each fiscal year,” comments Daniel Fine, Founder and CEO of Setscale.
“Government contracts are fierce competition for US small business owners for a reason. They’re reliable, well-valued, and often lead to steady sources of income. However, due to a lack of knowledge of the specific government contract awarding process, business owners are unsure if they can fulfill the government’s open purchase orders without pursuing a line of credit from a bank or financial institution,” elaborates Fine. “With interest rates at an all-time high, it’s an incredibly bad time to be a borrower. PO financing allows a small business to quickly bid on a contract, finance the full transaction, and scale operations to meet the size of the order.”
*In Fiscal Year 2022, the US federal government awarded $162.9B in federal contracting opportunities to small businesses. 52% of surveyed US small business owners reported that they aren’t aware of the specific contracts the US federal government awards to small businesses * $162.9B = $84B in lost opportunities.
Survey Methodology Setscale designed and executed research for this report in collaboration with Censuswide. 251 US small business owners in companies with less than 50 employees (aged 18+) were surveyed online in October 2023. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
About Setscale Setscale is a fintech startup solving the trade financing dilemma for small businesses. Small businesses frequently get purchase orders, but don’t have the money to fill them. Through its PO financing technology, Setscale finances the cost of those goods, allowing small businesses to focus on product and sales, enabling them to scale. Setscale is an ideal partner for SMBs, coming in where traditional financial institutions won’t, enabling SMB’s to finance their growth. Setscale funds supply. You meet demand.
As part of its work to showcase the growth of the Kingdom’s SME sector, Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, took part in Web Summit 2023: one of the world’s leading technology conferences.
Held from 13 to 16 November 2023 — in Lisbon, Portugal — the event provided Monsha’at the opportunity to spotlight Saudi Arabia’s most innovative SMEs. The authority led a delegation of Saudi start-ups, calling attention to their success and contributions to the national economy. Moreover, the event provided a platform for industry leaders, including policymakers, heads of state, and tech CEOs and founders, to address global challenges.
Sami Al Hussaini, Governor of Monsha’at, said: “2023 has been a landmark year for Monsha’at and the Saudi SME sector, with the number of start-ups in the Kingdom growing to over 1.2 million. While we have made a great deal of progress, we can achieve more. Launching innovative partnerships with businesses and entities around the world is essential. Events such as Web Summit 2023 enable us to do that, immersing some of our leading start-ups in an energized environment conducive to collaboration, innovation and growth.”
Saudi Arabia’s start-up ecosystem is currently undergoing a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.
Among the Saudi start-ups participating in Web Summit 2023 were: Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem, and Tachyon.
Monsha’at’s participation at WebSummit follows its recent participation in other world-class conferences, including SWITCH Singapore, and ComeUp Korea, where it has helped connect some of the Kingdom’s leading start-ups with the international business and investment communities.
About Monsha’at:
Monsha’at was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP.