013. Xeal: Transforming EV Charging with Unmatched Reliability for CRE and Multifamily Properties

Episode Transcript:

Today we're diving into a pressing issue faced by electric vehicle owners: the reliability of charging infrastructure. It's a scenario many of us are all too familiar with: arriving at an EV charging station with a dwindling battery, only to find it out of service. This problem is not only inconvenient for those on the go but poses a significant challenge for residents of multifamily apartments.

Enter Xeal, a company that aims to tackle this reliability crisis in commercial real estate. According to Eric Roseman, Chief Revenue Officer of Xeal, the company has developed patented technology to address this issue head-on. Their EV charger is designed never to be out of order, offering a solution that seeks to simplify the installation process for multifamily and CRE owners by eliminating unnecessary connectivity hurdles.

Founded and funded by CRE and multifamily owners in 2019, Xeal understands the pain points faced by customers in the EV charging space. Having experienced the reliability problem firsthand, they are committed to resolving it. Roseman emphasizes that reliability is the biggest pain point for EV charging.

Unfortunately, the reliability issue extends beyond Xeal's solution. The broader EV charging ecosystem has experienced an alarming increase in failures. In quarter one 2021, charging attempts failed in 15% of cases, a figure that rose to over 21% by quarter 3 in 2022. One of the most common challenges encountered by EV drivers is broken or nonfunctional chargers.

According to Roseman, approximately 95% of charger downtime is due to a failure to communicate with the network. Network connection issues, such as payment processing failures, contribute to this problem. To address this, Xeal has developed its own technology that enables its network of chargers to operate independently, without relying on a central internet connection. Their decentralized approach and self-reliant protocol eliminate single points of failure. When drivers arrive at a charger, they can use their smartphones to initiate charging immediately, even if their phones are in airplane mode.

By eliminating the need for an internet connection, Xeal's solution offers property owners greater flexibility and cost-effectiveness in installing EV chargers. Connectivity signal strength and the absence of cellphone reception or WiFi no longer pose obstacles—Xeal's devices are designed to work regardless of these factors. Roseman emphasizes the convenience and cost savings for property owners, particularly when retrofitting properties.

The simplicity of Xeal's solution has attracted the attention of companies like Oculus Realty. Dave Meit from Oculus Realty highlights the cost savings achieved by eliminating the need for network infrastructure to support charging units. He views Xeal as the preferred choice for ease of installation, location flexibility, and the absence of network infrastructure.

Beyond their technological advancements in EV chargers, Xeal offers a comprehensive turnkey service. They leverage scientific data models to provide insights on ridership trends and employ a white-glove approach to facilitate installation. This thorough approach, coupled with their real estate expertise, enables Xeal to offer valuable guidance to property owners.

As the market for EVs continues to grow rapidly across the United States, the lack of charging infrastructure in commercial and multifamily real estate poses a significant challenge. Roseman emphasizes that while 90% of charging occurs at home or work, less than 1% of parking spaces are equipped with charging stations. With the influx of EVs on the horizon, residents will base their leasing decisions on the availability of EV charging options. Property owners must adapt and build for the future to avoid rendering their buildings obsolete.

This is Tyler Cauble, Signing off