In 2019, when Zander Isaacson and cofounder Nikhil Bharadwaj, 28, started selling commercial electric vehicle chargers—the sort you see at airports and in shopping mall parking lots—the problems started almost immediately. If the devices lost internet connection or a server went out, they couldn’t process payments, and drivers were stranded. Irate customers sent hate mail: “ ‘I hope your CEO dies, I hope your company goes bankrupt,’ ” Isaacson recalls. In response, the Penn State alums built a payment system that bypasses the internet, letting drivers use a cryptography-protected smartphone app to tap and pay at the charger. It has enabled them to place chargers in places with poor Wi-Fi connectivity, like large apartment buildings and campus housing. Backed by $54 million from investors, Xeal is building a network of over 10,000 chargers in more than 60 metro areas, in partnership with real estate developers like Brookfield, AvalonBay and Harrison Street.
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
Stay Connected
Forbes newsletters: https://newsletters.editorial.forbes.com
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
