By Will Feuer

German conglomerate Siemens AG said it has invested $25 million and taken a minority stake in U.S.-based wireless electric vehicle charging startup WiTricity.

The two companies will collaborate to advance the technical development of wireless charging systems, they said.

"Wireless charging enables a driver to just park and walk away, returning to a charged vehicle. Wireless charging makes EVs more appealing for individual owners and more cost-effective for commercial operators," WiTricity Chief Executive Alex Gruzen said.

Siemens eMobility Chief Executive Markus Mildner said the deal "will speed up deployment of wireless charging technology, support standardization, and advance public charging infrastructure."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

June 09, 2022 06:40 ET (10:40 GMT)

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