XCharge Group’s Strategic Investment from Shell Ventures Fuels Global Expansion
Pioneering Battery-Integrated EV Charging Provider Sets Sights on Technological Innovation and Sustainable Growth
On September 20, 2023, XCharge Group secured a new investment from Shell Ventures to fund its global expansion plans. XCharge, a renowned battery-integrated electric vehicle charging provider founded in 2015, celebrated its second investment from Shell Ventures, following a successful Series-B funding round in 2021.
Shell Ventures, a corporate venture fund in the oil and gas industry established in 1996, has shifted its focus over time, now supporting green projects such as carbon capture solutions, renewable energy technology, and more. With this latest investment, XCharge aims to propel its global expansion, which includes the establishment of a new manufacturing facility in the United States.
The recent infusion of capital will be allocated towards three strategic XCharge initiatives:
1. Global Product Line Expansion: XCharge’s vision involves enhancing its battery-integrated product line to meet the surging demand for fast-charging solutions in the EV market.
2. Research and Development Facility in Hamburg: The company is set to establish a state-of-the-art R&D facility at its headquarters in Hamburg, Germany. This move underscores XCharge’s unwavering commitment to technological innovation.
3. US Manufacturing Facility in Texas: XCharge has already realized its vision by establishing a cutting-edge manufacturing facility in Texas, United States. This facility focuses on producing EV charging solutions tailored for the U.S. grid, with the aim of delivering an enhanced return on investment for customers.
Aatish Patel, President and Co-founder of XCharge North America, expressed his enthusiasm about expanding their presence in North America. He stated, “In addition to the flexible input levels and bi-directionality 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 ease of installation, power grid stability, and safety. We will continue to focus on a sustainable strategy of operations to drive the world’s transition to a low-carbon, clean energy-powered future.”
In August 2023, XCharge North America unveiled plans to establish a manufacturing facility in the City of Kyle. This facility, spanning 3,500 sq.ft in the Greater San Marcos area of Texas, will serve as a hub for research, development, distribution, and production of EV charging solutions.
