After a successful Crowdinvesting campaign Following ChargeX's €1 million investment in the fall of 2020, the Munich-based charging infrastructure startup is now pleased to announce a successful €4.5 million Series A round. With this fresh capital, ChargeX plans, among other things, to enter additional European markets. The focus will be on markets with a high level of electric vehicle penetration.
“Our idea: a multiple socket”
ChargeX has developed a modular charging system for electric cars that is specifically designed for charging in underground car parks and at the workplace. Interview with Munich Startup the founders explain:
"We are developing [...] the first fully-fledged complete system with multiple charging points. Our idea: a multi-socket socket. Because once the starter module is connected to the grid, it can be expanded with any number of plug-and-play expansion modules. Charging takes place sequentially based on an intelligent charging algorithm that takes individual mobility data into account and charges the vehicles as needed."
Power availability of the power grid
In order to offer a comprehensive solution for charging electric vehicles, the expansion of digital services related to charging management is also planned. The focus will be on the Drop app, which will align the availability of the power grid with the flexibility of the e-car driver. Tobias Wagner, CEO & Co-Founder, says:
"The bottleneck in the charging infrastructure lies not in demand, but in the shortage of skilled electricians and the capacity of our power grid. At ChargeX, we are completely rethinking both areas and will solve the problems with the new investors on our side."
