ABB has announced the acquisition of a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions company InCharge Energy. The move will strengthen ABB’s E-mobility Division in the North American market by broadening its customer base.
The acquisition will also expand its fleet electrification software and digital services offering.
The transaction is part of ABB E-mobility’s growth strategy to accelerate the expansion of its portfolio to include turnkey EV infrastructure solutions to private and public commercial fleets, EV manufacturers, ride-share operators, municipalities, and commercial facilities owners.
Financial terms of the transaction were not disclosed.
ABB to reap from InCharge’s industry expertise
InCharge Energy tailors end-to-end EV charging infrastructure solutions, from initial consultancy and recommendations on required energy upgrades to the procurement, installation, operation, and maintenance of charging systems.
It also provides cloud-based software services for the optimization of energy management, critical for maximizing fleet business performance. Its innovative service models offer subscription solutions such as software-as-a-service and fully financed charging-as-a-service.
With solutions for a broad range of customers from last mile delivery to rental fleets, InCharge Energy has several master agreements with major commercial fleet operators in the U.S. Founded in 2018 and based in California, the company has around 50 employees.
ABB initially acquired a 10% stake through a Series A funding round in 2020 and has now increased its interest to approximately 60% of InCharge Energy’s issued share capital.
ABB moves to accelerate sustainable transport
Founders Cameron Funk and Terry O’Day, together with the current management team, will continue to lead the company and retain the remaining stake.
Tarak Mehta, President of ABB’s Electrification business area made these remarks.
“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.”
“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.”
Frank Muehlon, President of ABB’s E-mobility Division was confident of ABB’s direction.
“Today’s announcement is another important step in the evolution of our customer-focused EV offering from hardware solutions to digital and future mobility services.”
“Together with InCharge Energy and its service-centric customer approach, we are ideally positioned to benefit from the significant future growth of the U.S. EV market, where fleet electrification is expected to be a major driver, especially for fast-charging solutions.”
“With our combined end-to-end turnkey solutions, we stand ready to help the U.S. achieve its aim of building a nationwide network of 500,000 EV chargers by 2030.”
InCharge executive positive about ABB deal
Cameron Funk, CEO of InCharge Energy was excited about the partnership.
“ABB, as a pioneer of the green mobility revolution, is a natural fit for us.”
“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 to fleet managers and EV drivers.”
As part of the recently signed Infrastructure Investment and Jobs Act, the U.S. is expected to allocate $7.5 billion to build out the national network of EV chargers and invest over $5 billion in clean transit buses to accelerate EV adoption, reduce air pollution and create jobs.
As the world leader in EV charging solutions, ABB is ready to support the expansion of the country’s charging network and help meet the goals of the Act.
About ABB
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future.
By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels.
With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries.
About InCharge Energy
InCharge Energy is an energy solutions company that is accelerating electrification of the transportation industry by providing a comprehensive scalable e-fleet solution.
We tailor our solutions to private and public commercial fleets, electric vehicle OEMs, ride-share operators, municipalities and commercial/residential facilities owners.
