ABB acquired a controlling stake in InCharge Energy, a California-based electric vehicle (EV) commercial charging company. The addition of InCharge Energy is intended to 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.
According to the press release, 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 to maximize fleet business performance. Its service models offer subscription solutions such as software-as-a-service and fully financed charging-as-a-service. With solutions for 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, the company has around 50 employees and is active in the U.S. and Canada.
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. ABB said the acquisition fits with its focus on providing charging solutions for cars, buses and trucks, as well as rail infrastructure and on-shore marine electrification.