Los Angeles-based EV charging startup Xeal, which uses predictive AI software to maximize the profits of charging stations, will boost passive income for commercial and residential building owners. It’s just successfully closed its seed investment round.
How Xeal works
Xeal’s technology eliminates energy price volatility and generates up to 700% return on investment for buildings. (How could property owners resist EV chargers that make them money? Kind of a no-brainer, especially during a pandemic that’s been financially challenging for property owners.)
Xeal also has a calculator for apartments and condos, and also for workplaces. So I had a little play. For an apartment building with 30 parking spots, Xeal recommends five EV chargers. Those five chargers would provide an annual charging revenue of $17,550 and save 20 tons of annual carbon dioxide impact at a rate of $2.25 an hour for 30 hours per week. Here’s how it works:
Xeal, which launched in 2019, has had support from the Los Angeles Cleantech Incubator (LACI) to secure an undisclosed investment led by Rocket Fund, LACI Impact Fund, Pasadena Angels, Emerging Ventures, Ramez Naam Ventures, and others. Xeal’s new round of funding will enable it to expand its geographic footprint and develop its next-generation technology.
Xeal app for drivers
Xeal cofounder Alexander Isaacson said:
We created an AI engine that integrates with electric cars, smart buildings, and utilities to eliminate energy price volatility and transform charging stations into highly profitable amenities. Xeal is the world’s first economical EV charging marketplace where building managers earn passive income for owning charging stations and drivers enjoy greater access to affordable EV charging through our app. It’s a win-win for everyone.
Xeal technology is already operational at properties across nearly a dozen cities. We develop our proprietary software and work with leading charger manufacturers in the US. With our new round of seed funding, we’re going to expand our footprint throughout the US and prepare for deployment of unannounced next-generation technology in 2021.
Isaacson, a former investment banker, launched the company with Nikhil Bharadwaj, an energy engineer and former lead of electric transportation & innovation at Schneider Electric.