In the Yahoo Finance series NEXT, Yahoo Finance anchor Akiko Fujita travels to Logan, Utah, for a glimpse of the future of electric vehicle charging. Wireless electric road charging has long been hailed as a holy grail for widespread electric vehicle adoption. Later this year, the technology will get its first real test in the U.S. when Israeli company Electreon and the State of Michigan unveil a 1-mile stretch of road in Detroit that will allow drivers to charge on the go, marking the first public deployment in the country. Electreon’s technology, known as dynamic charging, works similarly to the wireless pads that charge your smartphone. It embeds copper coils that are connected directly to the power grid into the pavement. Vehicles are equipped with receiver plates installed under the car or truck, so the charge passes through to the battery every time that vehicle drives over electrified roads. It’s all operated remotely through Electreon’s software and servers. That means they can dial down the charge when the power grid is stretched and dial up the power when there’s more capacity. In March 2023, Electreon signed a partnership with Toyota to integrate the technology into new cars. The deployment of dynamic charging in the U.S. comes as charging infrastructure and range anxiety continue to slow EV adoption in the country. PwC estimates the EV charging market would need to grow five-fold to $40 billion in order to meet demand that would come with 50% adoption in the U.S. For more on our NEXT Series, click here, and tune in to Yahoo Finance every Monday at 10 a.m. ET.
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