HAMBURG, Germany,Sept. 20, 2023 -- XCharge Group, a global leader in battery-integrated charging solutions, has secured a new investment from Shell Ventures. 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.
Founded in 2015, XCharge Group has been at the forefront of EV-charging technology, specializing 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.
XCharge Group's strategic use of funds from this new investment includes three key initiatives:
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.
Research and Development Facility in Hamburg: The company will establish a cutting-edge R&D facility at its headquarters in Hamburg, Germany, reinforcing its commitment to technological innovation.
US Manufacturing Facility in Texas: XCharge has established a new manufacturing facility in Texas, US., focused on producing EV charging solutions designed for U.S. grid, and aiming to delivering 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 & 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."
As part of this expansion, XCharge Group will also establish a dedicated facility in Hamburg for R&D, product testing, and high-power charging technologies. This move will involve hiring 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.
About XCharge Group
Founded in 2015, XCharge Group is a pioneer in battery-integrated charging solutions deployed in over 25 countries globally. With a strong focus on technology and product innovation, XCharge Group's Net Zero Series marks a significant milestone towards more sustainable and efficient charging infrastructures. XCharge Group remains committed to creating a green future by providing innovative and efficient EV charging solutions.