King of Prussia-based electric vehicle company InductEV plans to maintain its presence in Pennsylvania after being acquired by an international firm.
Electric vehicle charging company Electreon, headquartered in Israel, finalized its acquisition of InductEV this week. InductEV plans to maintain its headquarters and incorporate employees from Electreon’s US branch.
“In order to keep the momentum of the company going and so on, we felt the right choice was to find a strategic acquirer.”
John Rizzo, InductEV
“In order to keep the momentum of the company going and so on, we felt the right choice was to find a strategic acquirer who had synergistic technology and market presence, [and] access to capital,” CEO John Rizzo told Technical.ly.
Originally, the company sought to raise a round of funding last year, but struggled to secure investors, Rizzo said. The trouble fundraising could’ve been due to slowing interest in the electric vehicle industry because of reduced investment from the federal government, he said. The company has raised $97 million since its founding in 2009, according to PitchBook.
Conversations between InductEV and Electreon began in October 2025, according to Rizzo, and the companies signed a letter of intent for acquisition by November.
For now, InductEV will continue production as it fulfills a backlog of orders from customers. Down the line, the companies will look into combining technologies, according to Rizzo.
Compatible technologies and expanded market access
The acquisition comes amid a surge for Israeli tech companies since the start of the country’s war with Hamas.
Entering the deal with Electreon, Rizzo said InductEV is keeping up with geopolitical events and possible impacts on business, but is ultimately concentrating on the electric vehicle industry and its goals to reduce carbon emissions.
“We need to stay focused on our vision, no matter what challenges we face in the short term,” he said, “and we, like many others, believe that these conflicts will eventually be resolved.”
InductEV chose to partner with Electreon because the two companies’ technology complemented each other, Rizzo said. InductEV makes wireless charging stations for vehicles while they are stopped. Electreon’s products include charging infrastructure for both moving and stopped vehicles.
Plus, while InductEV is also focused on fleet vehicles for municipal transportation systems — like city buses or trucks transporting goods from ports to distribution centers — Electreon also has offerings for “light duty fleets,” like autonomous taxis and passenger vehicles.
Working with Electreon also offered expanded access to the global market through the company’s presence in Europe and Asia and manufacturing capabilities around the world, according to Rizzo.
“We now have a larger financial footprint, a larger headcount here in the United States, as well as more funding from the mothership, if you will, to move more aggressively in the marketplace,” Rizzo said. “We’re going to be better positioned to serve our customers faster.”
