This marks the second successive investment from Shell Ventures, following a successful Series-B 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 battery-integrated Net Zero Series has been deployed at the XCharge North America manufacturing facility in Texas. It provides over 200kW output and can store up to 233kWh of electricity.
XCharge Group's strategic use of funds from this new investment includes three key initiatives. It will undertake global product line expansion, catering to the increasing demand for fast-charging solutions in the EV market. The funds will also be used to establish a cutting-edge R&D facility at its headquarters in Hamburg, Germany, reinforcing its commitment to technological innovation. XCharge also plans to use the funds for its US manufacturing facility in Texas. The company is focused on producing EV charging solutions designed for the US grid and aiming to deliver improved return on investment for customers.
"We are happy to further expand our presence in North America and achieve our goals of optimizing our products for NA markets," said Aatish Patel, president and co-founder of XCharge North America. "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."
Founded in 2015, XCharge Group has been at the forefront of EV-charging technology, specialising in battery-integrated fast charging solutions. With a track record of delivering over 40,000+ chargers to business partners worldwide and an impressive net profit in 2022, XCharge has solidified its status as an industry leader in the competitive industry and plans to double its workforce within the next two years.
