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The companies will work together to drive adoption of open, interoperable standards in wireless charging for global electric vehicle (EV) infrastructure Siemens makes strategic investment in WiTricity and licenses their technology for future wireless EV charging products WATERTOWN, Mass., June 9, 2022 /PRNewswire/ Siemens invests $25 million and acquires a minority stake in U.S.-based WiTricity, a wireless charging technology company. Siemens and WiTricity will work together to drive innovation in the emerging market for wireless EV charging. This market is expected to reach $2 billion by 2028 in Europe and North America alone, according to Siemens' calculations. The two companies seek to bridge the gaps in the global standardization of wireless charging for electric passenger and light duty commercial vehicles, to enable interoperability between vehicles and infrastructure, as well as support market penetration. In addition, both parties will collaborate to advance the technical

United statesMarkus mildnerPrnewswire siemensAlex gruzenNorth americaThe companies will work together to drive adoption of openNteroperable standards in wireless charging for global electric vehicle ev infrastructure siemens makes strategic investment witricity and licenses their technology future products watertownJune 9022 prnewswire siemens invests 25 million and acquiresa minority stake in us based witricityA wireless charging technology company siemens and witricity will work together to drive innovation in the emerging market for ev this is expected reach 2 billion by 2028 europe north america aloneCcording to siemens 39 calculations the two companies seek bridge gaps in global standardization of wireless charging for electric passenger and light duty commercial vehiclesO enable interoperability between vehicles and infrastructureS well as support market penetration in additionOth parties will collaborate to advance the technical development of wireless charging systems quot combining siemens 39 global footprint and ev portfolio with witricity 39s innovative technology is first step towards elevating our offering in space this speed up deploymentUpport standardizationNd advance public charging infrastructure with interoperable solutions for drivers 39 convenience