ZOOZ Power Announces CEO Transition

Lod, Israel, May 15, 2024 (GLOBE NEWSWIRE) -- ZOOZ Power Ltd. (NASDAQ and TASE: ZOOZ), a leading provider of flywheel-based power boosting solutions for the EV charging infrastructure market, today announced that subject to shareholder approval, Avi Cohen, Executive Chairman, will assume the role of Interim CEO, succeeding Boaz Weizer, who will step down effective June 1, 2024.

ZOOZ has initiated a thorough search process to identify its next CEO to lead the company into the next phase of its growth. Avi Cohen will serve as Interim CEO until a new CEO is appointed. Mr. Eyal Bloom, Chief Revenue Officer, will assume the role of Interim CBO (Chief Business Officer) responsible for all outbound customer facing functions including sales, marketing and customer service. Ms. Ruth Smadja, Chief Financial Officer, will assume the role of Interim COO (Chief Operating Officer) responsible for all other functions including finance, operations and R&D.

Mr. Cohen is a distinguished business leader with a proven track record of success in executive roles across various sectors. With extensive experience in both public and private companies, as well as non-governmental organizations (NGOs), Mr. Cohen brings a wealth of knowledge and strategic insight to every endeavor. He currently serves on the boards of Nova, Cognyte Software and Cortica AI.

In the past, Avi Cohen served as CEO of MX1, which was formed in 2016 following the acquisition of RR Media where he served as CEO, by SES S.A. Prior to that, Cohen served as President and CEO of Orbit Technologies. He also held executive management positions at ECI Telecom Ltd., KLA and Octel Communications.

Commenting on the transition, Avi Cohen stated, “I would like to express my gratitude to Boaz Weizer for his contribution to ZOOZ Power. I am honored to step into the role of Interim CEO during this pivotal time for the Company. We remain steadfast in our dedication to innovation while providing ultra-fast charging solutions for electric vehicles. I look forward to collaborating closely with our talented team to build on our momentum and capitalize on the opportunities ahead.”

About ZOOZ Power Ltd.

ZOOZ (NASDAQ and TASE: ZOOZ) is a leading provider of flywheel-based power-boosting solutions enabling widespread deployment of ultra-fast charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations.

ZOOZ pioneers the implementation of innovative flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Our Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.