XCharge, the leading electric vehicle (EV) charging solution in Asia-Pacific and Europe, announced the closure of their Series B funding round with participation from Shell Ventures and other investors. XCharge aims to scale up to meet the accelerated demand in charging services in fast-expanding markets.
Even during the COVID-19 pandemic, the global mobility transition has not slowed down and the demand for charging solutions continues to rise significantly.
According to the Global EV outlook 2020 released by IEA, the global electric vehicle stock is projected to reach 245 million in 2030 – more than 30 times above 2020’s level, growing by 36% annually. Assuming the ratio of 10 EVs to 1 charging station as recommended by IEA, in 2030 there will be 24.5 million units of EV chargers, compared to an estimated 2.1 million units in 2020.
“More than ever, companies across the globe share the exciting vision for a carbon neutral future,” says Simon, CEO of XCharge. “By building industry leading products and services, XCharge is committed to work with all partners to advance that vision forward.”
“We have been impressed by the drive and performance of the XCharge team to deliver reliable turnkey EV charging solutions to their customers.” says Bo Li, Venture Principal at Shell Ventures. “Their business and ambition matches our own, as we strive to build an interconnected power business. Our investment in XCharge is a testament to our belief in their potential and we are proud to work together with them as they continue their journey to become a leading provider of charging solutions to local and international customers.”
As the first Chinese manufacturer who has developed the liquid-cooled 360 kW high power chargers (HPC), the fastest public charger in the world, XCharge has showcased its R&D strength and quick response capability in the e-mobility world to continuously satisfy the evolving demand.
In addition to public charging, the company has developed a product line specialized in e-bus, home and workplace chargers, with the backend for OTA delicacy management. Combined with remote diagnosis and debugging features, the daily maintenance is streamlined , while the work for charging point operators (CPOs) is simplified.