DPW Holdings (DPW) - Get Report announced Friday that its power electronic business, Coolisys Technologies, alongside partner companies, would begin conducting tests of its new electric vehicle charger.
The Newport Beach, Calif. company expects its new charging solution to produce a full charge for an electric vehicle with a 150-mile range battery in about 30 minutes.
The tests will be carried out at Coolisys' new headquarters in Milpitas, Calif.
“We are looking forward to testing our new EV charger products with our key partner companies. These new products are well-positioned to address the expected rapid expansion of infrastructure required to support broad adoption of electric vehicles globally," said Coolisys’ President and CEO Amos Kohn.
The technology company expects to receive the first orders for its electric vehicle charger in the fourth quarter of 2020.
According to the company's press release, "the Coolisys new product line includes level 2 (240V AC) electric vehicle chargers for residential and commercial usage and level 3 (480V DC or higher) fast-charging solutions for commercial applications. Coolisys EV charger solutions include multiple types of connector standards including CHAdeMO (e.g., Honda, Nissan, Toyota, others), CCS (e.g., BMW, Ford, GM, Jaguar, Volkswagen, others), J1772 and Tesla."
The electric vehicle charging stations market was worth $2.5 billion in 2019 and is estimated to reach $27.7 billion by 2027, a compound annual growth rate of 34.7%.
In its fiscal second-quarter report, DPW Holdings announced revenue of $5.4 million, an increase of 8.3% from the previous year.
Shares of DPW Holdings were up 14.84% at $1.78 in trading Friday.