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This is Chris Redgrave for Zions Bank Speaking on Business.
An important initiative for the state of Utah is developing alternative energy sources. The Utah energy industry generates 17,000 plus direct jobs and $5.3 billion in revenues every year. Renewable energy now accounts for 3 percent of Utah's electricity generation. With his innovative new company, WAVE, Wesley Smith has connected with Utah's growing energy industry.
WAVE is creating a wireless charging system to enable electric vehicles to stay in operation longer. It's connected to a power supply from the utility and is embedded in the roadway. Another electromagnet is attached to the bottom of the bus and allows the battery to be charged while the bus stops, using radio signals, and virtually invisible to riders. The charge gives electric buses the ability to operate longer than they could otherwise.
Wesley says WAVE is using the same technology used to charge an electric toothbrush, where two fields work together to keep your toothbrush charged. He says their technology takes advantage of the magnetic fields that create a channel for electrons to transfer over an air gap without the risk of electrical shock, which is why you don't get shocked by your toothbrush.
WAVE is actually the first technology from USTAR to spin out as a company and to get third-party funding. The technology originally came out of USU but it's now being utilized at the U of U. UTA has been an important adopter of this technology with all-electric buses to create cleaner air and a friendly environment along the Wasatch Front where air quality is a top concern. UTA was named as the Outstanding Public Transportation System of 2014, so having their support has been an important part of WAVE's growth. They were the first of what is now seven transit agencies around the country that are adopting this technology.
WAVE is now exporting their technology outside the state with contracts in California and Texas and other projects in development later this year.
If you would like to be featured, email us at speakingonbusiness@zionsbank.com.
For Zions Bank, I'm Chris Redgrave, speaking on business.
WAVE IPT 4752 W. California Ave., Ste. B-400 Salt Lake City, UT 84104 435-731-0308 www.waveipt.com
