ABB acquires controlling interest in U.S. EV charging company

Electric vehicle charging (Parliamentary Friends of Electric Vehicles)
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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.

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ABB has also increased its majority stake in Chinese EV charging provider, Chargedot Shanghai New Energy Technology Co., Ltd. (Chargedot) to 80 per cent. ABB had previously acquired a 67 per cent stake in Chargedot in March 2020. The additional investment is part of ABB E-mobility’s growth strategy and further strengthens ABB’s position in the rapidly growing Chinese e-mobility market.

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 optimisation of energy management, critical for maximising 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 and is active in the U.S. and Canada.

ABB initially acquired a 10 percent stake through its investment in the Series A venture capital funding round in 2020 and has now increased its interest to approximately 60 per cent 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 e-mobility division president Frank Muehlon said, “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 US 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.”

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InCharge Energy CEO Cameron Funk said, “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 and advanced services 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 n

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