XCharge 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.

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.