ARKO Corp. (Nasdaq: ARKO) announced that the Company has signed a strategic memorandum of understanding (MOU) with Chakratec, an Israel-based developer of electric vehicle (EV) charging technology, to distribute the kinetic storage systems for fast charging of electric vehicles.

Chakratec is a developer of kinetic energy storage systems that enable ultra-fast charging of EVs. Chakratec's technology and products aim to solve the main challenge to mass adoption of EVs - the "Range Anxiety" - by allowing vast deployment of ultra-fast charging points along the roads, capable of charging EVs in less than 15 minutes (to a range of ~150 miles), even in sites where the local grid infrastructure is limited in power.

"The outdated electrical infrastructure in many US states and its inability to support fast charging is a significant barrier to massive penetration of electric vehicles. In fact, I believe the United States is still many years away from mass adoption of electric vehicles and this won't change until fast charging infrastructure is more widely available," said Arie Kotler, Chairman, President and Chief Executive Officer of ARKO. "Our partnership with Chakratec is an important first step in our long-term journey toward being ready should the time come for electric vehicles to become mainstream in North America."

As part of the MOU, ARKO and Chakratec will conduct a preliminary pilot in the U.S. next year. The MOU also includes a goal of an extensive deployment of fast charging points for electric vehicles throughout North America by 2030.

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