Electric vehicles are becoming increasingly popular, but one major obstacle to widespread adoption has been the lack of reliable charging infrastructure. Xeal, a company founded by Zander Isaacson and Nikhil Bharadwaj, is working to change that with their vertically-integrated payment system that could revolutionize the way electric vehicle owners charge their cars.
The founders of Xeal experienced first-hand the challenges of operating commercial electric vehicle chargers when they started selling them in 2019. Issues with internet connection and server outages meant that payments couldn’t be processed, leaving drivers stranded and frustrated. In response to these challenges, Isaacson and Bharadwaj developed a payment system that bypasses the internet, allowing drivers to use a smartphone app to tap and pay at the charger.
This innovative payment system has enabled Xeal to place chargers in a variety of locations, including large apartment buildings and campus housing. With $54 million in funding from investors, Xeal is now building a network of over 10,000 chargers in more than 60 metro areas, in partnership with real estate developers such as Brookfield, AvalonBay, and Harrison Street.
The Xeal payment system not only solves the immediate problem of payment processing for electric vehicle chargers, but it also paves the way for a more convenient and reliable charging experience for electric vehicle owners. By providing a seamless and secure payment solution, Xeal is helping to make electric vehicles more accessible and practical for a wider audience.
Overall, Xeal’s vertically-integrated payment system could be a game-changer for the electric vehicle industry, making it easier for drivers to charge their cars everywhere they go. With their innovative approach to solving a critical issue in the EV charging market, Xeal is well-positioned to drive the future of sustainable transportation forward.
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Video “Xeal’s Vertically-Integrated Payment System Could Provide Reliable EV Charging Everywhere” was uploaded on 12/27/2024 to Dailymotion Channel Forbes