Battery Integrated Charging Solutions Provider XCharge Receives Investment from Shell Ventures
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 in Hamburg, Germany, reinforcing its commitment to technological innovation.
US Manufacturing Facility in Texas: XCharge will open a new manufacturing facility in Texas, USA, focused on producing EV charging solutions tailored for the U.S. market.
Simon Hou, CEO of XCharge Group, shared his vision, saying:We're dedicated to accelerating the transition to clean energy and building a carbon-neutral future worldwide. Our new battery-integrated charging station will be able to store solar energy and charge it to electric vehicles. We believe innovations like this will help the industry to reduce emissions and increase profitability.
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 launched a new 400 kW high-power charger that allows clients to complete a charging session within 10 minutes.
Additionally, XCharge North America has established a manufacturing facility in San Marcos, Texas, aiming to provide localized EV charging solutions designed for the U.S. grid, delivering improved return on investment for customers.
This article was originally published by XCharge.
