XCHG Ltd (X-Charge), which provides DC fast chargers and related EV technology out of China and Europe, raised $20.7 million by offering 3.3 million ADSs at $6.20, near the low end of the range of $6 to $8.
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).
XCHG (X-Charge) was founded in 2015 and booked $42 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol XCH. Tiger Brokers acted as sole bookrunner on the deal.
