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 sales network.

Munich - The electromobility start-up ChargeX has raised 11.5 million euros in a Series B financing round. The fresh capital will enable the company to further develop its "Aqueduct" charging systems and the "Drop Power Sharing" app and expand its sales network. The focus here is on serving companies, commercial landlords and hotels in a targeted manner. The round is led by UVC Partners, and other investors such as Bayern Kapital with the Bayern 2 growth fund, Ponooc and Verve Ventures are also participating. 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 receive a quote for the total cost of their charging infrastructure within a single day

Michael Masnitza, COO and co-founder of ChargeX

ChargeX is already a charging solution provider and has supplied over 500 companies with thousands of charging modules. With the new financing, the company intends to further develop its patented technologies, in particular the "Aqueduct" charging system. The aim is to optimize the charging system to enable easy installation without the need for skilled workers. ChargeX also plans to further develop bi-directional charging, which uses vehicle batteries to relieve pressure on local power connections.

We are excited to be working with an expanded group of investors who share our goals and values.

Tobias Wagner, CEO and co-founder of ChargeX

With its smart charging solutions, the Munich-based company aims to meet the growing demand in view of the shortage of skilled workers and bottlenecks in urban power grids. According to a study by the National Centre for Charging Infrastructure, the number of charging points in Germany is expected to increase by 76 to 88 percent by 2030, as around 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. The company develops and produces charging infrastructure solutions and products for electric vehicles. The modular "Aqueduct" solution is an intelligent and patented multiple socket that enables several vehicles to be charged with just one mains connection. The system can be expanded to up to 10 charging points via Plug&Play and distributes the energy to the vehicles as required.

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