January 21, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on XCharge Limited (NASDAQ: XCH) titled, “Pioneer of Battery-Integrated Charging and Energy Storage Solutions”. The report can be accessed here.
Founded in 2015 by two former Tesla employees, Simon Hou (CEO) and Rui Ding (Chairman and CTO), XCharge is an integrated EV charging and energy solutions company with operations in Europe, North America, and China. The company’s flagship battery-integrated products—Net Zero Series (NZS) (launched in 2022) and GridLink (launched in 2024)—utilize lithium-ion batteries and enable DC fast charging at low-power sites and where aging grid infrastructure cannot support high-power equipment without significant capital expenditures.
Reflecting the attractive value proposition across XCharge’s product line, partnership announcements have been accelerating globally. Recent announcements include Roady’s Truck Stops, Gateway Fleets, Electromin (Saudi Arabia’s largest network operator), FAZT in Mexico (potential for 1,000 charging points by 2030), EnBW (Germany’s largest network operator), and, most recently, Energy Plus in New York (one of the largest battery-backed EV charging depots in the country).
XCharge has grown rapidly since inception, with revenue reaching $42 million in 2024 and, impressively, gross margins exceeding 50%. While 2025 was a down year due to trade tensions and uncertainty around EV policies, based on recent partnership announcements and additional wins with existing customers, we expect top-line growth to resume in 2026. Factors driving growth include increasing demand from consumers for DC fast-charging stations globally, combined with XCharge’s unique product offering that can provide a meaningfully higher return on investment (ROI) for its customers.
XCharge is priced closer to a hardware-only company yet offers a pathway toward a high- growth energy storage and management play. Our comparable group for XCharge contains a variety of companies involved in providing charging systems for EVs as well as energy storage and management systems for commercial and residential use. XCharge screens as one of the lower valuation names in the group on an EV/Revenue basis, despite offering a differentiated, battery-integrated DC fast-charging architecture that can materially reduce site-level capital spending for charge point operators. Based on our estimates, at 1.4x 2024 revenue declining to 1.0x by 2027, XCharge trades at a discount to many of its peers that do not offer both integrated hardware and energy management solutions.
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