The Munich-based startup founded in 2018 Chargex develops and produces charging infrastructure solutions and products for electric vehicles. According to the company, over 500 businesses now rely on Chargex charging products with several thousand charging modules. With this growth financing, the startup aims to further develop its “Aqueduct” charging system to enable installation without professional installation services. Additionally, bi-directional charging with local power connection through the use of vehicle batteries is to be further developed. Furthermore, Chargex wants to accelerate expansion into additional European markets and expand its range of digital services.
Chargex’s charging system is based on a modular plug-and-play complete system. This way, additional modules can be easily connected and the charging infrastructure can 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:
“In the mid-market and commercial rental fleet sectors, we have identified significant demand for our innovative and easy-to-install charging solutions. It is important to us to minimize complexity for our customers and continue developing our products. With our new Fastlane installation service, for example, companies can receive a quote for the total cost of their charging infrastructure in just a single day.”
“Chargex solves the biggest challenge of the energy transition”
The completed Series B financing of €11.5 million is led by UVC Partners. Other investors include Bayern Kapital with the 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 collaborate with an expanded group of investors who share our goals and values. With our new partners, we are in a strong position to realize our vision and shape the charging infrastructure of the future.”
Johannes von Borries, Managing Partner of UVC Partners, praises the Munich-based startup:
“Chargex solves the biggest challenge of the energy transition – the shortage of skilled workers for rapid and nationwide expansion. Chargex’s solutions are intelligent and at the same time so simple that even untrained users can install them quickly.”
