- CityEV™ chooses OTI’s Uno 6 – Ultra Compact NFC Contactless Reader as its cashless payment solution for Cityline 100, the ideal charge point platform that can be configured to meet a wide variety of client applications
- Plug-in cars increased from 3,500 in 2013 to almost 121,000 by the end of October 2017 in the UK
- Goldman Sachs estimates electric vehicles will represent 32% of global auto sales by 2040
ROSH PINA, Israel, November 20th, 2017 — On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, announced today its UNO 6 Ultra Compact NFC Contactless Reader had been chosen by UK-based CityEV, a leading provider of electric vehicle charging solutions, as the cashless payment solution for its Cityline 100 electric vehicle charging stations.
“OTI recognizes CityEV as a major player in the plug-in hybrid electric vehicle market and is happy to be CityEV’s choice for its cashless payment solution,” said Shlomi Cohen, OTI’s CEO. “The Uno 6 has been neatly embedded into the Cityline 100 smart interface. We look forward to a prosperous future in the electric vehicle market with CityEV and its Cityline 100 system.”
The CityEV™ ingenious charge point network is a new ‘second generation’ car charge network system, with the latest protocol version offering both local smart charging, where charging on multiple charge points is limited to a certain power limit and central smart charging which is managed by the central system.
The last four years have seen a remarkable surge in demand for electric vehicles in the UK. New registrations of plug-in cars increased from 3,500 in 2013 to almost 121,000 by the end of October 2017, NextGreenCar.com states.
The electric vehicle revolution is coming much faster than even some of the most bullish analysts expected. In late July, even the CEO of Royal Dutch Shell, one of the largest oil and gas companies in the world, said that he would buy an electric vehicle, acknowledging that the transition from the internal-combustion engine to the electric battery was inevitable.
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI’s field-proven innovations have been deployed around the world to address cashless payment and management requirements for unattended retail and petroleum markets, the Internet of Things (IoT) and wearables. OTI distributes and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding the share of the contactless fare collection in transportation by 2021 of the entire fare collection, our growth, the growth of the market and the market trends. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
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