Xeal, a New York-based provider of electric vehicle (EV) charging solutions, raised a $10M Line of Credit from Bridge Bank.
The deal will complement its $40M Series B round.
The company intends to use the funds to continue to build new relationships in the commercial real estate industry and deliver EV power nationwide.
Led by CEO Alexander Isaacson, Xeal offers multifamily and commercial real estate owners and operators the ability to install smart electric vehicle (EV) charging in their communities with little to no infrastructure upgrades. Clients manage these EV charging stations remotely through Xeal’s dashboard, providing real-time data on charging sessions, energy management, utilization and revenue share. Its driver app employs a token-based technology for EV drivers to gain reliable access to charging stations without relying on cellular or garage IT infrastructure. Through Apollo, a distributed communication protocol, building owners can remotely control and monitor smart charging stations through a bi-directional management channel between user smartphones and EV chargers to establish a more secure, reliable and cost-effective way to stay connected.
FinSMEs
19/12/2022