XCHG (XCharge), which provides DC fast chargers and related EV technology out of China and Europe, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.
Based in Beijing, China with significant operations in Hamburg, Germany, XCHG offers comprehensive EV charging solutions, combining proprietary charging technology, energy storage technology, and accompanying services. Its offerings primarily include DC fast chargers in its C6 series and the C7 series, and advanced battery-integrated DC fast chargers in its Net Zero Series (NZS). To date, the company has begun the commercial deployment of its NZS solution in Europe, North America, and Asia, and customers primarily include EV manufacturers, global energy players, and charge point operators.
X-Charge was founded in 2015 and booked $38 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol XCH. XCHG filed confidentially on June 2, 2023. Deutsche Bank, Huatai Securities, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
