Jeffs’ Brands to invest in remote wireless power transmission technology

Jeffs’ Brands signed an additional non-binding letter of intent with Sky Growth Partners, to invest in advanced laser- based wireless power transmission technology systems, for the remote charging of drones and unmanned aircrafts. The LOI, previously announced on December 15, 2023, follows the Company’s announcement from November 29, 2023, in which the board of directors resolved to identify potential strategic transactions, in the field of advanced technologies, with the goal of maximizing shareholder value. According to the LOI, Sky Growth will establish and transfer all of its rights in the technology to a new Israeli company that will develop, manufacture and market the technology. Following an investment of $2.5 million by Jeffs’ Brands, it will hold a 70% equity interest in NewCo. The LOI also includes certain milestone conditions that if achieved by NewCo, will grant the founders, for no additional consideration, additional equity interests in NewCo. NewCo plans on developing a technological system based on a pending patent. The system will enable wireless charging for drones and unmanned aircrafts. Unlike conventional charging methods, that rely on cumbersome cables, robust infrastructure, pads and more, Digital Light Processing wireless charging systems utilizes precision laser to transmit energy wirelessly to infrastructure, drones, unmanned aircraft and other platforms. This technology eliminates the need for physical connectors, making the charging process more efficient, seamless, convenient and enabling new technologies to be developed and adopted, for various uses, such as commercial drone applications. The Investment is subject to the successful completion of due diligence, the execution of binding definitive agreements with respect to the Investment and compliance with any regulatory requirements and approvals.