Los Angeles based EV charging company Xeal uses predictive AI software to optimize revenues from charging stations and would boost passive income for commercial and residential building owners. It’s just successfully closed its seed investment round.
Xeal’s technology reduces fluctuations in energy costs and generates investment returns for buildings of up to 700 percent. How could property owners resist EV chargers making them money? A kind of no-brainer, particularly during a pandemic that has been challenging financially for property owners.
Xeal also has an apartment and condo calculator, and also for the workplace. Xeal is suggesting five EV chargers for an apartment building with 30 parking spaces. Such five chargers will generate $17,550 in annual charging revenue and save 20 tons of annual carbon dioxide effect for 30 hours a week at a cost of $2.25 an hour. And this is how it works:
The Los Angeles Cleantech Incubator (LACI) funded Xeal, which was launched in 2019, to secure an undisclosed investment led by Rocket Fund, LACI Impact Fund, Pasadena Angels, Emerging Ventures, Ramez Naan Ventures, and others. Xeal’s new funding round will allow it to extend its geographic reach and improve its next-generation technology.
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, started the business at Schneider Electric with Nikhil Bharadwaj, an energy engineer and former pioneer in electric transport & innovation.
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