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XCharge: Focus on bidirectional energy storage charging technology

XCharge is one of the first profitable charging solution providers in the world.

According to early news about the IPO, XCHG Limited (hereinafter referred to as “XCharge”) officially submitted an F-1 document to the U.S. Securities and Exchange Commission (SEC) on February 1, Eastern Time, and plans to use “XCH” as the stock code on Nasdaq. Gram was listed on the stock market, with Deutsche Bank and Huatai Securities serving as co-lead underwriters.

XCharge, founded in Hamburg, Germany in 2017, is committed to making electric vehicle charging carbon-free through next-generation energy solutions. Its international founding team includes veterans who have worked in world-renowned technology companies such as Tesla and successful Serial entrepreneur.

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It is worth mentioning that XCharge has developed one of the world’s first two-way energy storage charging piles – the Net Zero Series (Net Zero Series) DC high-power charging energy storage equipment, which combines energy storage, grid-connected and off-grid charging. Combined with the photovoltaic function, it can realize peak shaving and valley filling and B2G reverse charging, thereby reducing the pressure on the power grid and increasing operating income.

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According to Frost & Sullivan’s report, XCharge’s NZS charging energy storage solution is one of the few charging solutions with B2G (Battery to Grid, from battery to grid) functionality that has been commercialized – Customer Energy can be purchased at lower prices during off-peak hours and sold back to the grid at higher prices during peak hours, allowing operators to generate profits even when vehicles are not charging. Based on this feature, XCharge customers can receive returns before they even consider using an electric vehicle charging station, thereby increasing the customer’s overall return on investment (ROI). Currently, XCharge’s customers mainly include electric vehicle manufacturers, global energy companies and charging pile operators.

According to Frost & Sullivan, XCharge is one of Europe’s leading suppliers of high-power charging solutions in terms of sales volume in 2022. In particular, XCharge’s latest product “C7” has an output power of up to 400 kilowatts. To date, XCharge has begun commercial deployment of a series of net-zero DC high-power charging energy storage devices in Europe, North America and Asia.

It is worth noting that XCharge is one of the first charging solution providers in the world to achieve profitability – it has turned a profit in 2022. In addition, in 2021, 2022 and the first three quarters of 2023, XCharge’s gross profit margin will be 35.2%, 36.4% and 44.2% respectively, showing a continued growth trend.

XCharge stated in its prospectus that approximately 50% of the net proceeds raised from the IPO will be used for investment plans in production capacity expansion; approximately 20% will be used for research and development, especially the development of energy management and battery management technologies; approximately 20% will be used for expansion in the global market; and approximately 10% will be used to supplement working capital for general corporate purposes.

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In fact, according to a Frost & Sullivan report, global sales of battery-integrated energy storage chargers are expected to increase from approximately 2,000 units in 2022 to approximately 135,000 units in 2026 at a compound annual growth rate of 409.9%. This means that XCharge’s future incremental space is still considerable.

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Post time: Apr-01-2024