XCHG Powers Last-Mile EV Fleets in California with GridLink Battery Chargers

XCHG Limited (NASDAQ:XCH) is one of the best young stocks to buy and hold for 5 years. On June 24, XCharge North America announced the deployment of two dual-dispenser GridLink chargers at a new EV charging depot in Riverside, California. This depot was developed and is operated by Gateway Fleets, which is an electrification platform designed specifically for last-mile delivery.

The new site aims to provide reliable and cost-effective charging for Gateway’s customers, which include medium-duty fleets and independent FedEx operators. The development follows a recent acquisition by Partners Group, which is a global private markets firm, of a controlling stake in Gateway Fleets to fund an accelerated rollout of EV-ready depot infrastructure.

Despite uncertainties surrounding California’s clean energy policies, the state remains dedicated to its Zero-Emission Vehicle/ZEV mandates and targets 100% ZEVs by 2040 for medium and heavy-duty vehicles. To address the strain on the electrical grid as utilities struggle to meet increasing power demands, many EV charging sites are adopting battery microgrids. XCharge North America’s GridLink technology charges its 430 kWh battery during off-peak hours to avoid higher peak demand charges, then uses this stored energy for charging during the day.

XCHG Limited (NASDAQ:XCH) designs, manufactures, and sells EV chargers under the X-Charge brand name in Europe, China, the US, and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.