ChargeX secures 11.5 million euros in Series-B

The electric mobility start-up ChargeX receives 11.5 million euros in a Series B financing round. The funds will be used for the roll-out of the "Aqueduct" charging system and the "Drop Power Sharing" app, as well as for the expansion of the distribution network.

Munich, Germany - Electromobility start-up ChargeX has raised €11.5 million in a Series B financing round. The fresh capital will enable the company to further expand its charging systems "Aqueduct" and the "Drop Power Sharing" app, and to expand its distribution network. The focus will be on targeting businesses, commercial landlords and hotels. The round is led by UVC Partners, and other investors include Bayern Kapital with its Bayern 2 growth fund, Ponooc and Verve Ventures. Existing investors such as Smart Energy Innovations Fond (SEIF) and BonVenture have also invested again.

With our new Fastlane installation service, for example, companies can get a quote on the total cost of their charging infrastructure within a single day

Michael Masnitza, COO and co-founder of ChargeX

ChargeX is already a charging solutions provider and has supplied thousands of charging modules to over 500 businesses. With the new funding, the company aims to further develop its patented technologies, in particular the "Aqueduct" charging system. The goal is to optimize the charging system to allow for easy installation without the need for skilled labor. ChargeX also plans to further develop bi-directional charging, which uses vehicle batteries to relieve the strain on local power connections.

We are thrilled that we can now work with an expanded investor base that shares our goals and values.

Tobias Wagner, CEO and co-founder of ChargeX

The Munich-based company aims to use its smart charging solutions to address rising demand in the face of a shortage of skilled workers and bottlenecks in urban power grids. According to a study by the National Charging Infrastructure Control Center, charging points in Germany are expected to increase by 76 to 88 percent by 2030, as some 14.8 million electric vehicles and plug-in hybrids are expected to be registered. ChargeX offers a simple solution with its modular plug-and-play complete system, where additional modules can be added, similar to a power strip.

ChargeX was founded in 2018 and is based in Munich, Germany. The company develops and produces charging infrastructure solutions and products for electric vehicles. Its modular solution "Aqueduct" is an intelligent and patented multiple socket that allows charging multiple vehicles with only one mains connection. The system can be expanded to up to 10 charging points via plug-and-play and distributes power to vehicles based on demand.

UVC Partners, with offices in Munich and Berlin, is leading the current round of funding. The company is an early-stage venture capital firm and invests in European B2B startups in enterprise software, industrial technologies and mobility. The VC works closely with UnternehmerTUM to provide startups with access to talent, industry customers and other financial partners. Already in January 2022, we were able to report on Startbase about a successful funding round for ChargeX of 4.5 million euros.