ABB has acquired a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions company InCharge Energy. The addition of InCharge Energy will strengthen ABB’s E-mobility Division in the North American market by broadening its customer base and expanding its fleet electrification software and digital services offering.
The transaction is part of ABB E-mobility’s growth strategy and is intended 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.
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 service models offer subscription solutions such as software-as-a-service and fully financed charging-as-a-service.
ABB initially acquired a 10% stake through its investment in the Series A venture capital funding round in 2020 and has now increased its interest to approximately 60% of InCharge Energy’s issued share capital. Founders Cameron Funk and Terry O’Day, together with the current management team, will continue to lead the company and retain the remaining stake.
“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,” says 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.”
InCharge Energy has several master agreements with major commercial fleet operators in the U.S.
“This announcement is another important step in the evolution of our customer-focused EV offering from hardware solutions to digital and future mobility services,” states Frank Muehlon, president of ABB’s E-mobility Division. “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.”
“ABB, as a pioneer of the green mobility revolution, is a natural fit for us,” adds Cameron Funk, CEO of InCharge Energy. “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.”
