On September 20, 2023, XCharge Group secured a new investment from Shell Ventures to fund its global expansion plans.
XCharge is a global battery-integrated electric vehicle charging provider that was founded in 2015. The EV charging provider celebrated its second investment from Shell Ventures after a successful Series-B funding round in 2021.
Shell Ventures is a corporate venture fund in the oil and gas industry established in 1996. As times have changed, Shell Ventures has started supporting more green projects, like carbon capture solutions, renewal energy technology, and more. XCharge hopes to use Shell Ventures’ latest investment to implement its global expansion plans, including a new manufacturing facility in the United States.
The recent investment fund will go toward three XCharge initiatives listed below.
- 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, U.S., focused on producing EV charging solutions designed for the U.S. grid and aiming to deliver 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 bi-directionality 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 [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 announced plans to establish a manufacturing facility in the City of Kyle. The facility would research, develop, distribute, and produce EV charging solutions in a 3,500 sq.ft plant in the Greater San Marcos area of Texas.