Ponooc invests in ChargeX; a modular charging solution for electric cars

ChargeX, with its cutting-edge charging solution for electric cars, will revolutionize the charging infrastructure for medium-sized companies. The start-up received 11.5 million euros in a successfully completed Series B financing round. UVC Partners leads the round. Other new investors are Bayern Kapital with its Growth Fonds Bayern 2, Ponooc, and Verve Ventures. Existing investors Smart Energy Innovations Fond (SEIF) and BonVenture also topped-up their investment.

The Munich-based company plans to meet the growing demand for smart charging solutions in the face of a shortage of skilled workers and bottlenecks in local power grids. The German National Control Center study on the nationwide need for charging infrastructure predicts that by 2030, about 14.8 million e-vehicles and plug-in hybrids will be registered in Germany, resulting in a demand increase between 76 and 88 percent for charge points. This is precisely where ChargeX offers a very elegant and globally unique solution with its modular plug-and-play system as a turnkey solution. Additional charging modules can be connected effortlessly. Thus, the charging infrastructure can be expanded as needed, similarly to a multiple socket. In this way, ChargeX manages to reduce the installation effort and thus also the installation cost by over 50 percent.

Today, more than 500 companies with several thousand charging modules already rely on ChargeX’s charging products. Through the growth financing, the company plans to further develop its patented technologies, such as the “Aqueduct” charging system, accelerate its expansion into other European markets and expand its range of digital services. The focus is on optimizing the charging system to enable installation without an installation specialist. They also aim to develop bi-directional charging with local power connections using vehicle batteries. “We are thrilled that we can now work with an expanded group of investors who share our goals and values. With the new shareholders, we are in a strong position to fulfill our vision and shape the future charging infrastructure,” said Tobias Wagner, CEO and co-founder of ChargeX. “We have seen a great demand for our innovative and easy-to-install charging solutions among medium-sized businesses and commercial tenants. At the same time, it is important to keep customer complexity at a minimum and continue developing our products. For example, with our new Fastlane installation service, businesses can get a quote on the total cost of their charging infrastructure in a single day,” said Michael Masnitza, COO and co-founder of ChargeX.


About ChargeX

ChargeX GmbH, based in Munich, founded in 2018, develops and produces charging infrastructure solutions and products for electric vehicles. The company has already installed several thousand charging points. The modular solution Aqueduct is the world’s only intelligent and patented multiple sockets for electric cars. It enables the charging of many vehicles with just one main connection. Via Plug&Play, the grid-serving system can be expanded to up to 10 charging points, distributing the energy to the vehicles to be charged according to demand. With its charging solution, ChargeX pursues the goal of charging e-cars when they are not needed, at home, and at work.

About Ponooc

Ponooc is a venture capital fund based in Amsterdam, the Netherlands, with a focus on mobility and sustainable energy.