Four years after being appointed president of technology company Electreon Wireless (TASE: ELWS), former president of the State of Israel Reuven Rivlin is leaving the company. Six weeks ago, he was appointed president of digital currency company BitCore Capital, which seeks to become listed on the Tel Aviv Stock Exchange.
In August 2021, Electreon, developer of technology for charging electric vehicles on the move by means of coils installed under the road, announced the appointment of Rivlin, the tenth president of the State of Israel, as president of the company. According to the announcement at the time, Rivlin’s role was «to advance collaborations with governments and global companies and to present its activity to decision makers around the world.»
Electreon’s dream, which generated enthusiasm among investors, has, however, not materialized. The company’s market cap has shrunk by 66% since Rivlin was appointed, to NIS 744 million. The company is still far from being profitable and is burning cash, while its share price is also suffering from the launch of very rapid charging technology by Chinese electric vehicle manufacturer BYD earlier this year. Electreon stated at the time that BYD’s solution did not represent direct competition to it.
Electreon will shortly be replaced by digital currency company BitCore, which announced the appointment of Rivlin as president and adviser to the company two months ago. The company seeks a Tel Aviv Stock Exchange listing at a post-money valuation of NIS 120 million through a merger with stock market shell Flying Spark, owned by Yariv Lerner.
Rivlin is not alone, however. The company has recruited several public figures, including former chief of the Israel Police Yohanan Danino, who will serve as chairman of the board, former minister of science and technology Yizhar Shai, who will be a director and chief innovation officer, and Yehuda Shaffer, former head of he Money Laundering Prohibition Authority, who will also serve as a director.
According to an earlier report by the company to the Tel Aviv Stock Exchange, its activity is in «fields related to bitcoin and stable digital currencies.» This will include the purchase of and investment in bitcoin assets, the issue and management of a digital shekel currency linked to the local currency, and «development and creation of an automatic, supervised array of tools facilitating lending backed by bitcoin and digital currencies.» The company also mentions «business collaborations» including a «a full public and regulatory model for institutional investment in bitcoin and digital currencies.»
Published by Globes, Israel business news — en.globes.co.il — on December 1, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
