Shell Ventures invests in EV charging startup XCharge
Shell Ventures, the investment arm of the global oil giant, has invested in electric vehicle (EV) charging startup XCharge. It is the second investment from the company.
With the new funding, XCharge said it will focus on reinforcing its position in the highly competitive EV charging industry to:
- Expand its battery-integrated line of chargers
- Establish an R&D center in Hamburg, Germany
- Improve its manufacturing facility in Texas
The dedicated facility in Hamburg will also include product testing and high-power charging technologies. XCharge recently launched its 400-kW charger that allows users a complete charging session in about 10 minutes.
Shell has been upping its commitment to EV charging stations as the company sees the move by automotive OEMs to transition to all electrified fleets.
Early this year, Shell said it will acquire EV charging vendor Volta in an all-cash transition worth $169 million. The deal will help combine Shell’s global reach and brand with Volta’s dual charging and media networks.
Volta specializes in placing EV chargers in locations where consumers normally go, such as a grocery, coffee shop, retail vendors and more.
Additionally, Shell worked with Volkswagen to install the first Elli Flexpole EV charging station in Germany. The deal is part of both companies’ plans to expand EV charging. Shell said it wants to install more than 500,000 charging points by 2025 and 2.5 million by 2030 to help meet the demand for electrification.
After dabbling into investment in EV charging, oil companies are accelerating moves to be ready for when EV charging demand increases. Shell made plans to add 50.000 om-street EV charging posts in the UK by the end of 2025 and said it was seeking to operate 500.000 charge points by the same time frame as part of its goal to be a net-zero emissions energy company by 2050.
