ABB is acquiring a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions firm InCharge Energy.
The Swiss-based globally technology firm had already acquired a 10% stake in the company in the Series A venture capital funding round, which took place in 2020. The stake has now increased to approximately 60% of the issued share capital of InCharge Energy.
Company Founders Cameron Funk and Terry O’Day and the existing management team will continue to lead the firm and retain the rest of the stake.
InCharge Energy offers end-to-end EV charging infrastructure solutions as well as cloud-based software services to optimize energy management, which is needed for maximizing fleet business performance. InCharge Energy also has several agreements in place with major commercial fleet operators in the U.S.
For ABB, this transaction is part of its e-mobility growth strategy. It will help expand its portfolio to include turnkey EV infrastructure solutions to EV manufacturers, public and private commercial fleet, ride-share operators, commercial facility owners and municipalities. Financial terms of the transaction remain undisclosed.
“As a world leader in sustainable transport electrification – from charging solutions for cars, buses and trucks to rail infrastructure and on-shore marine electrification – we expect to continue to outgrow this strong market based on market-leading technology and innovation," said Tarak Mehta, President of ABB’s Electrification business area. "This transaction is part of our commitment to accelerate the future of sustainable transport and strengthens the support to current and future customers and partners in the U.S.”
The addition also will strengthen ABB’s E-mobility Division in the North America market and expand its fleet electrification software and digital services offering. It will also help it broaden its customer base.
InCharge Energy CEO Cameron Funk also said, “Most of our turnkey solutions already include ABB’s state-of-the-art charging hardware and we have partnered closely since ABB’s initial investment. One of the keys to further growth will be our combined ability to offer turnkey solutions and advanced services to fleet managers and EV drivers.”
