XCharge Europe has secured venture financing from Shell Ventures. XCharge Group has been at the forefront of EV-charging technology, specializing in battery-integrated fast charging solutions.
According to GlobalData’s deals database, 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.
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XCharge has recently launched a new 400 kW high-power charger that allows clients to complete a charging session within 10 minutes.
“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.”
Deal rationale
The company intends to use the funds for three key initiatives; global product line expansion, research and development facility in Hamburg and US manufacturing facility in Texas.
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