ChargeX secures €11.5 million in Series B funding to expand its innovative electric vehicle charging solutions across Europe.

Target Company Overview

ChargeX GmbH, founded in 2018 and based in Munich, specializes in developing innovative charging infrastructure solutions for electric vehicles. The company has successfully installed thousands of charging points and is renowned for its patented modular solution, Aqueduct. This groundbreaking technology allows multiple electric vehicles to be charged from a single main connection, utilizing a unique Plug&Play design that can expand up to ten charging points. ChargeX aims to optimize the charging process for electric vehicles, encouraging usage during off-peak hours at home and in workplaces.

Industry Overview in Germany

The electric vehicle industry in Germany is undergoing a significant transformation, bolstered by a national commitment to the energy transition and a robust infrastructure push. According to a study conducted by the German National Control Center, projections indicate that by 2030, Germany will have registered approximately 14.8 million electric vehicles and plug-in hybrids. As a result, the demand for charging points is expected to rise by 76 to 88 percent, intensifying the need for efficient and scalable charging solutions.

Despite the increasing number of electric vehicles, the country faces challenges including a shortage of skilled labor and limitations within local power grids. These bottlenecks threaten the time