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Foxconn Interconnect Technology (FIT) and Hudson Sustainable Group Invests in Wireless Power Leader, Powermat Technologies and Forms Strategic Partnership

TEL AVIV, Israel, Dec. 16, 2021 /PRNewswire=KYODO JBN/ --

- Strategic Partnership With FIT Will Support Powermat’s Penetration in the

Industrial, IoT, and Mobility Markets

Powermat Technologies, Inc. [https://powermat.com/], the global leader in

advanced wireless power technology, today announced a significant investment as

part of a US $25 million Series B round, by Foxconn Interconnect Technology

(“FIT”, SEHK stock code: 6088), leading in global connectivity solutions

developer, and Hudson Sustainable Group, a founding shareholder of Powermat.

Powermat’s innovative wireless power technology is a critical enabler of the

smart mobility, autonomous robotics, industrial drones, medical devices,

telecom, and internet of things (IoT) industries, where Powermat is

experiencing exponential growth. The current Series B funding round, led by FIT

and Hudson, will be used to fund the company’s increased growth and penetration

in key customer segments, including automotive, micromobility, and autonomous

robotics. The strategic partnership with FIT will also involve FIT and Powermat

partnering on go-to-market strategies to further the companies’ shared goals of

capturing new and emerging markets for wireless power.

“This investment by FIT and Hudson Sustainable Group will allow Powermat

Technologies to capitalize on the huge demand for wireless power solutions, to

better solve customers' future product challenges, and to lead the evolutionary

cycle of wireless power technology in the autonomous and IoT sectors,” said

Powermat Technologies CEO Elad Dubzinski. “We look forward to building on our

relationship with FIT as a strategic investor and partner, which will enable

both companies to cement their leading positions in the market.”

“Access to power on a wireless basis is an essential element to the new

mobility ecosystem, which is a business area of increasing focus for FIT,” said

Thomas Fann, special assistant to the chairman, FIT. “OEMs and technology

companies are looking for reliable, high performing, and cost-efficient

wireless power solutions. Powermat delivers wireless technology solutions to

OEMs with an unmatched level of service that ensures the successful

implementation of their reference designs and technologies. We view our

investment in Powermat as another step in a mutually beneficial partnership

that will help enable the future success of FIT’s business and lead to deeper

penetration of Powermat’s revolutionary technologies across the world’s most

innovative industry segments.”

"Having worked with Powermat Technologies since 2012, we have a strong

conviction in the progress of the company and its position as one of the

leading players in the wireless power space,” said Neil Auerbach, CEO and

managing partner of Hudson Sustainable Group. “In addition to its superior

technology offering and longevity in the space, Powermat’s management team has

demonstrated remarkable adeptness in steering the company towards emerging high

growth markets where there is a high demand for wireless charging and power

solutions.”

As the first company to bring wireless charging technology to consumers,

Powermat develops advanced Qi-certified and proprietary wireless power

technology solutions for various industries and use-cases based on magnetic

induction, also known as inductive charging. Currently, the company’s solutions

can be found in over 800 million smartphones, 40 million embedded accessories,

and 8 million cars worldwide, in partnership with leading high-tech and

mobility partners including FIT, Flex, General Motors, Harman International,

Kyocera, and Samsung.

About Foxconn Interconnect Technology

Foxconn Interconnect Technology (FIT) is a leading global solutions developer

and manufacturer cultivating connectivity for a better world. With unsurpassed

capabilities in development, research, manufacturing engineering and design,

production, supply chain, and go-to-market planning for world-class brands and

private label products spanning B2C and B2B categories, FIT is at the forefront

of worldwide technological trends delivering compelling user experiences

at scale. With offices and manufacturing sites located in Asia, the Americas

and Europe, FIT is a global leader in the manufacturing of high precision

interconnect components.

For more information, visit FIT's website: fit-foxconn.com.

About Hudson Sustainable Group

Hudson Sustainable Group is focused on investing in the sustainability sector

globally, with an emphasis on renewable energy, resource efficiency, and other

aspects of sustainable technology. Founded in 2007, Hudson acts as both a

principal investor and investment manager, and has made 20 investments to date

in 26 countries. For more information, visit www.hudsonsustainable.com.

About Powermat Technologies

Powermat Technologies [https://powermat.com/] provides advanced Qi-certified

and proprietary wireless charging platforms for IoT, telecom (5G), automotive,

robotics, consumer electronics, medical devices, and industrial applications.

The company's wireless power platforms and IP licensing program enable global

businesses to incorporate advanced wireless power technology into their

products and customize solutions for unique use cases. Global market leaders

including Foxconn Interconnect Technology, Flex, General Motors, Harman

International, Kyocera, and Samsung are already leveraging Powermat’s

Technology, and its solutions can be found in over 800 million smartphones, 40

million embedded accessories, and 8 million cars worldwide.

Media Contact:

Annika Harper

Antenna Group for Powermat Technologies

annika.harper@antennagroup.com

Source: Powermat Technologies