Electrion, which is developing a wireless electric road, updates today that on October 30, 2020, a non-binding memorandum of understanding entered into force in which the company entered into an agreement with the Italian Brebemi on January 28, 2020. In the Memorandum of Understanding, it was agreed that the parties would cooperate in the implementation of the wireless electric road system as a result of the company’s development in transport infrastructure projects in Italy.
Barbami is the company that operates the toll road A35 in Italy, which connects the cities of Brescia and Milan in the Lombardy region. In addition, Barbami and its group of companies have expertise and experience in promoting complex transportation infrastructure projects.
Electrion believes that as the company’s first collaboration with a toll road operator, the company’s engagement with Barbami has strategic potential for the company in advancing its business strategy in Italy. Moreover, the cooperation may promote, in the company’s view, the continued penetration of the wireless electric road system into the European and international market.
As a first step, it was agreed that Barbami would purchase from the company a pilot project that includes the construction and inspection of the wireless electric road on a section of road one kilometer long adjacent to the A35 toll road for 36 months. The purpose of the pilot is to examine the application of the technology in the context of toll roads. Barbami will bear the pilot costs, with the company providing the wireless electric road system as well as assisting with installation and providing analysis and technical testing services.
The company aspires that subject to the successful implementation of the pilot, and subject to market conditions and all required agreements and agreements, the A35 toll road will be selected as the first toll road in Italy for the installation of the wireless electric road system.
The Memorandum of Understanding sets out the agreed principles regarding the commercial terms between the parties, including their intention to cooperate in submitting joint bids for tenders of projects based on the wireless electric road system. The cooperation is subject to the successful implementation of the pilot, the principles agreed between the parties to the cooperation and the term of the agreement.
To the best of the company’s knowledge, control of Barbami was recently acquired by SAU Aleatica, a significant international investor and operator in the field of infrastructure, which manages about 20 franchises worldwide, including: fifteen toll roads, three ports, one light rail and one airport. SAU Aleatica is a corporation owned by the IFM Fund, which is one of the largest investors in the world in the field of infrastructure.
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