EV charging provider XCharge North America has partnered with Ascentium Capital, a division of Regions Bank, to offer a new leasing program designed to make EV charging equipment more affordable and profitable for small-business owners.

Under the new financing structure, which is modeled after existing programs used in the automotive industry, lessees can procure chargers and associated services for a fixed monthly rate. The financing bundles equipment, warranty and maintenance into one package. Unlike a Charging as a Service (CaaS) model, which typically pays site owners a percentage of revenue generated from EV charging, leasing allows businesses to receive the full revenue amount.

“XCharge NA has always been focused on making EV charging more accessible for businesses of all sizes—from high-traffic airports to small-business owners. Our new financing model was designed to mitigate risk for individuals looking to get into EV charging without significant upfront CapEx,” said Aatish Patel, co-founder and President of XCharge NA. “We knew we needed an experienced financial provider to help bring our vision to life, and our collaboration with Ascentium gives us confidence that our new financing structure will unlock new revenue streams for small-business owners.”

“This type of flexible capital option is exactly what the industry needs now, especially to empower small businesses and real estate owners that don’t have the ability to pay significant costs up front but are committed to participating in the EV transition,” said Stephen Interlicchio, Senior VP of Strategic Services for Ascentium Capital.

Source: XCharge