Electric vehicle charging-solutions provider XCharge Group announced September 20 that the company has secured an undisclosed investment from Shell Ventures. The said fundraise is part of XCharge’s C-series funding round, which also included other investors apart from Shell Ventures.
According to the company, which is a leading provider of battery-integrated charging solutions, the new investment from Shell Ventures is the second successive investment from the investor, following a successful B-series funding round in 2021.
“The latest funding round is set to propel XCharge's ambitious expansion plans, reinforcing its position in the competitive EV charging industry,” the company said in a statement on September 20.
Commenting on the development, Aatish Patel, president and co-founder of XCharge North America, said, “We are happy to further expand our presence in North America and achieve our goals of optimizing our products for NA markets. In addition to the flexible input levels and bidirectionality of our Net Zero Series, we are working to integrate PV solar power into our next gen systems for greater flexibility [and] energy distribution capability. We design our products with all factors in mind, including the ease of installation, power grid stability, and safety. We will continue to focus on sustainable strategy of operations to drive the world's transition to a low-carbon, clean energy powered future.”
Significance: It is known that the XCharge Group, which was founded in 2015, specializes in battery-integrated, fast-charging solutions. The company has supplied more than 40,000 EV chargers to clients globally.
XCharge said that it would use the newly raised funds on three key initiatives:
a) Global product line expansion: XCharge plans to enhance its battery-integrated product line, catering to the increasing demand for fast-charging solutions in the EV market.
b) Research and development (R&D) facility in Hamburg, Germany: The company will establish a cutting-edge R&D facility at its headquarters in Hamburg, reinforcing its commitment to technological innovation. The company said it plans to hire skilled engineers and product experts to ensure the highest levels of effectiveness, efficiency and quality in their labs. XCharge has recently launched a new 400-kW high-power charger that allows clients to complete a charging session within 10 minutes.
c) US manufacturing facility in Texas: XCharge has established a new manufacturing facility in Texas, focused on producing EV charging solutions designed for the US grid, and aiming to deliver improved return on investment for customers.
The company further added that it plans to double its workforce within the next two years.
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