ABB has increased its stake in InCharge Energy, a provider of fleet electrification services (earlier post), to 60%. InCharge Energy will maintain its leadership team and tech neutrality as it joins ABB’s E-Mobility Division. Financial terms of this agreement were not disclosed.
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.
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.
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.
InCharge Energy’s innovative service models offer subscription solutions such as software-as-a-service and fully financed charging-as-a-service.
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. With this transaction, 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 US achieve its aim of building a nationwide network of 500,000 EV chargers by 2030.—Frank Muehlon, President of ABB’s E-mobility Division
With this considerable funding, InCharge Energy will have the opportunity to execute larger projects for its customers, expand operations to Canada and across the US and launch more products and services that solve pressing fleet electrification challenges.
In 2021, InCharge executed several successful electrification projects for large commercial fleet customers, including Ryder, Navistar and GM Brightdrop. The company also developed turnkey electrification plans for multiple school districts and helped to secure millions in grant funding to execute those plans.