The Munich startup founded in 2018 Chargex develops and produces charging infrastructure solutions and products for electric vehicles. According to the company, over 500 companies with several thousand charging modules now rely on Chargex's charging products. With this growth financing, the startup primarily intends to further develop its "Aqueduct" charging system to enable installation without the need for a qualified installer. It also plans to further develop bidirectional charging with a local power connection using vehicle batteries. Furthermore, Chargex aims to accelerate its expansion into other European markets and expand its range of digital services.
Chargex's charging system is based on a modular plug-and-play system. This allows additional modules to be easily connected and the charging infrastructure to be expanded as needed, similar to a power strip. According to the startup, this reduces installation effort and thus installation costs by over 50 percent.
Michael Masnitza, COO and co-founder of Chargex, explains:
"We've identified a strong demand for our innovative and easy-to-install charging solutions among small and medium-sized businesses and commercial tenants. It's important to us to minimize complexity for our customers and continue to develop our products. 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."
“Chargex solves the biggest problem of the energy transition”
The now completed Series B financing of €11.5 million is led by UVC Partners. Other investors include Bayern Kapital with its growth fund Bayern 2, Ponooc, and Verve Ventures. Existing investors Smart Energy Innovations Fund (SEIF) and BonVenture also participated again.
Tobias Wagner, CEO and co-founder of Chargex, says:
"We are excited to now be working 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 charging infrastructure of the future."
John of Borries, Managing Partner of UVC Partners, praises the Munich startup:
"Chargex solves the biggest problem of the energy transition – a lack of skilled workers for rapid and widespread expansion. Chargex's solutions are intelligent and yet so simple that even untrained users can install them quickly."
