Chinese EV charging/discharging tech developer XY Power closes Series A funding

Shanghai (Gasgoo)- Xi'an XY Power (“XY Power”), a Chinese electric vehicle (EV)-related technology developer, recently announced the completion of its Series A financing, which was jointly backed by such entities as Hangzhou Lion Microelectronics Co., Ltd., Ginlong (Solis) Technologies, Ten Pao Group, Shenzhen Guozhong Venture Capital Management Co., Ltd., and Dayou Venture Capital.

The proceeds from the latest funding round will be primarily used for the R&D of core products.

Photo credit: XY Power

Founded in July 2022, XY Power is a China-based innovative company that focuses on the core products of EV charging and discharging, energy storage system charging, and V2G (vehicle-to-grid) application.

Currently, XY Power’s main products are AC/DC modules and DC/DC modules. Its business partners come from the companies of EV charging piles, new energy vehicle manufacturers, as well as battery manufactures, etc.

XY Power said it has an R&D team with decade years of experiences in power electronics, and has already set up production bases in Huizhou, Mianyang, Dazhou cities of China, and other countries like Hungary and Vietnam.