Bridge Bank Provides Xeal $10 Million Line of Credit to Support Continued Development of Self-Reliant EV Charging Network
December 15, 2022
NEW YORK — Bridge Bank today announced it closed a $10 million line of credit, back in October, to fuel the growth of Xeal, a technology company that’s making electric vehicle (EV) charging more reliable and accessible for building developers and owners in addition to EV owners.
The line of credit from Bridge Bank complements the $40 million Series B round, also closed in October, led by Keyframe Capital, with additional participation from follow-on investors ArcTern Ventures, Moderne Ventures, Ramez Naam, and participating investors Nexus Labs, Wind Ventures and Alpaca VC.
“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 global EV market size is projected to grow from 8.2 million vehicles in 2022 to 39.2 million by 2030, an annual growth rate of 21.7%, according to analysis by MarketsandMarkets. As more EVs hit the road, real estate developers are seeking ways to create the infrastructure necessary to meet tenant demand. Xeal’s patent-pending technology, Apollo, is the first EV charging solution with a distributed, ledger-based technology that enables Xeal to deploy smart EV charging stations anywhere with 100% self-reliance for all smart functions, ensuring that a driver never becomes stranded by a charger that is inoperable due to central networking issues.
“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.”
Xeal is a hyper-growth, venture-backed tech startup headquartered in New York City. Xeal offers
multifamily and commercial real estate owners and operators the ability to seamlessly install smart electric vehicle (EV) charging in their communities with little to no infrastructure upgrades. Clients manage these smart EV charging stations remotely through Xeal’s dashboard, providing real-time data on charging sessions, energy management, utilization and revenue share. Xeal’s 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 groundbreaking 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. Xeal delivers an entirely self-sufficient smart charging experience for drivers, enabling 100% uptime, 50 times faster processing speed and a frictionless user experience. Experience Xeal’s recent deployments here or visit xealenergy.com for more information.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored commercial banking solutions, as well as specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers.