Bridge Bank Provides Xeal $10 Million Line of Credit to Support Development of Self-Reliant EV Charging Network

In a significant financial development, Bridge Bank announced in October that it has provided a line of credit worth $10 million to Xeal, an up-and-coming technology company. Xeal’s mission is to make electric vehicle (EV) charging more reliable and accessible, targeting not only EV owners but also building developers and owners. This monetary boost is expected to significantly aid Xeal’s growth and help propel them towards their goals.

The line of credit from Bridge Bank is a welcomed addition to Xeal’s financial portfolio, which includes a staggering $40 million Series B funding round that was also closed in October. Keyframe Capital took the lead in this impressive funding round, with additional participation from repeat investors such as ArcTern Ventures and Moderne Ventures. Renowned industry names like Ramez Naam were also in the mix, alongside newly participating investors Nexus Labs, Wind Ventures, and Alpaca VC. This potent combination of financial support has set a solid foundation for Xeal to progress in achieving its mission of making EV charging more reliable and accessible.

“Xeal’s charging solution is an important step forward to support the electric vehicle industry boom,” said Laurence Brent, assistant vice president in Bridge Bank’s Technology Banking Group. “Xeal has an exciting business proposition that solves several challenges: the expectation that real estate developers and owners will install EV chargers, the need for EV owners to find accessible, reliable charging stations and the opportunity to help slow climate change through increased use of electric vehicles.”

The rapid expansion of the global EV market, projected to grow from 8.2 million vehicles in 2022 to 39.2 million by 2030, creates a parallel demand for reliable and accessible charging infrastructure. Real estate developers, caught in the wave of this transition, are seeking innovative solutions to meet the increasing demand of tenants for EV charging facilities. Positioned at the forefront of this burgeoning industry, Xeal’s patent-pending technology, Apollo, offers a revolutionary solution. Apollo is the first EV charging solution that leverages distributed, ledger-based technology, demonstrating Xeal’s technological prowess. This innovative approach allows for the deployment of smart EV charging stations anywhere, requiring no dependency on a central network for smart functions. This key feature ensures that drivers will never be left stranded due to a charger being inoperable due to central networking issues, thus delivering on Xeal’s mission of creating reliability and accessibility in the EV charging market.

“Xeal has developed relationships with more than 80 major real estate companies, including Lincoln Property Company, NRP Group, Stoneweg and Harrison Street,” said Alexander (Zander) Isaacson, co-founder and chief executive officer at Xeal. “This financing from Bridge Bank will strengthen Xeal’s funding position and support our work to continue to build new relationships in the commercial real estate industry and deliver EV power nationwide.”