Korean investment firm Woori Venture Partners has invested an undisclosed amount in Singapore-based wireless charging technology developer Xnergy Autonomous Power Technologies (Xnergy), according to an announcement.
Founded in 2018, Xnergy is a provider of high-power wireless charging solutions for all autonomous electrified mobility. It previously secured investments from Hyundai Motor Group and Accuron Technologies (a subsidiary of Singapore’s Temasek Holdings).
The company said it has deployed over 2,000 modules that powered electric vehicles and autonomous industrial robots in nearly 40 countries across Europe, America, and Asia.
Xnergy offers tailored wireless charging solutions, including 3-9kW non-contact systems for mobile robots and 22kW, 800V two-way charging and discharging systems for electric vehicles.
The company’s proprietary technology is noted for its compact design, universal compatibility, and high power density, per the announcement.
In addition to hardware, Xnergy offers advanced software solutions, including client and cloud platforms for monitoring charging performance.
Woori’s funding will help finance Xnergy’s plans to expand into new sectors and regions, including new energy vehicles, to meet the demand of the global market, said Hu Xiaolei, the company’s chief technology officer.
“This investment from Woori Venture Partners is a testament to the strength of our technology and potential to reshape autonomous electrified mobility,” Xiaolei added.
Woori Venture Partners director Alan Ang said Xnergy’s technology “will be crucial in driving the next wave of sustainable growth in these industries”.
Woori Venture Partners, Woori Bank’s venture arm, is the oldest venture capital firm in South Korea, founded in 1981. It invests from pre-Series A onwards and looks at a wide range of sectors, including finance, education, healthcare, and commerce.
The firm officially opened its Singapore office in 2023, and its presence in Southeast Asia reflects the growing investment opportunities in the region.
It has so far made close to 15 investments in Southeast Asia and India, including Travelio, an Indonesia-based property technology startup, and an AI-powered software development and cybersecurity solutions provider for smart contracts.
