Germany's ChargeX charges up for European expansion with €11.5 million in the tank

With the fresh funding ChargeX makes plans to expand to other European markets and also bring 'bi-directional charging with local power connections using vehicle batteries' into the fold
Germany's ChargeX charges up for European expansion with €11.5 million in the tank

German EV charging firm ChargeX is tackling the bottleneck of power grids and the shortage of skilled workers with what it claims is a plug-and-play type solution, requiring no installation specialist. It wants to tap into the predicted 76%-88% increase in demand for charge points in Germany by 2030.

Providing charging solutions for medium sized businesses for fleets, customers or employees, all of the hardware and software is produced in-house. Its turnkey charging solution can supply up to ten charging points per mains connection and it says that its charging infrastructure can be expand in just 60 seconds. 

ChargeX has been around since 2018, and it has just raised €11.5 million in a Series B financing round to fuel its next growth stage as it expands into other European markets. The start-up also wants to 'develop bi-directional charging with local power connections using vehicle batteries'. 

The round was led by UVC Partners and includes Bayern Kapital (Growth Fonds Bayern 2), Ponooc, and Verve Ventures, with continuing support by existing investors Smart Energy Innovations Fond (SEIF) and BonVenture also joining the round. 

"We are thrilled that we can now work with an expanded group of investors who share our goals and values. With the new shareholders, we are in a strong position to fulfil our vision and shape the future charging infrastructure," says Tobias Wagner, CEO and co-founder of ChargeX.

"We are excited that ChargeX always puts the user at the centre, with offerings like the Power Sharing App. It includes all the administrative functions to manage many Aqueduct charging systems. We are certain that in the coming years, no company will be able to bypass ChargeX to provide employees with a charging option," says Dr. Daniel Reese, Investment Manager at UVC Partners.

Image source: ChargeX

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