Munich-based ChargeX, a company that develops and produces charging infrastructure solutions and products for electric vehicles, announced on Wednesday, July 5, that it has secured €11.5M in a Series B financing round led by UVC Partners.
New investors Bayern Kapital with its Growth Fonds Bayern 2, Ponooc, and Verve Ventures, and existing investors Smart Energy Innovations Fond (SEIF) and BonVenture also participated in the round.
ChargeX says it will use the funds to enable the further roll-out of the “Aqueduct” charging system and “Drop Power Sharing” App for electric car charging. Further, financing will be used to expand the distribution network to serve companies, commercial landlords, and hotels.
“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 fulfill our vision and shape the future charging infrastructure,” says Tobias Wagner, CEO and co-founder of ChargeX.
The Munich-based company plans to meet the growing demand for smart charging solutions in the face of a shortage of skilled workers and bottlenecks in local power grids.
ChargeX: Develops charging infrastructure solutions
Founded in 2018 by Tobias Wagner and Michael Masnitza, ChargeX develops and produces charging infrastructure solutions and products for electric vehicles.
The Aqueduct modular solution from ChargeX is the first intelligent and patented multiple sockets for electric cars in the world. It enables charging many vehicles with just one connection.
Through Plug&Play, the grid-serving system can be expanded to 10 charging points, distributing energy to vehicles according to demand.
With its charging solution, the company pursues the goal of charging e-cars when they are not needed, at home, and at work.
According to the company, more than 500 companies with several thousand charging modules already rely on ChargeX’s charging products.
The focus is on optimising the charging system to enable installation without an installation specialist.
The German company also aims to develop bi-directional charging with local power connections using vehicle batteries.
“We have seen great demand for our innovative and easy-install charging solutions among medium-sized businesses and commercial tenants. At the same time, it is important to keep customer complexity at a minimum and continue developing our products. For example, with our new Fastlane installation service, businesses can get a quote on the total cost of their charging infrastructure in a single day,” says Michael Masnitza, COO and co-founder of ChargeX.
The investors
UVC Partners is a leading early-stage venture capital firm based in Munich and Berlin that invests in European startups in the deep tech, climate tech, hardware, software, and mobility sectors, from pre-seed to Series A.
“ChargeX solves the biggest problem of the energy transition – too few skilled workers for rapid and widespread expansion. ChargeX’s solutions are smart and easy to use that even non-trained users and operators can install them quickly,” says Johannes von Borries, Managing Partner of UVC Partners.
“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.
Read the orginal article: https://siliconcanals.com/news/startups/uvc-partners-backs-chargex-in-11-5m-round/
