ABB E-mobility scales up investment in software provider ChargeLab
20 May 2022
ABB E-mobility announced a new investment into EV charging software provider ChargeLab. Co-ordinated through ABB EL Ventures, the investment forms part of ChargeLab’s $15-million Series A financing. ABB E-mobility first partnered with ChargeLab in 2020.
This investment, along with a new commercial partnership to develop next-generation software solutions for ABB charging stations, will focus on expanding ABB’s e-mobility product suite in the United States, Canada, and other strategic geographies.
ChargeLab network services already run on top of ABB’s charging solutions, the Terra DC and Terra AC wallbox, using the Open Charge Point Protocol (OCPP). ChargeLab’s software empowers fleets, building operators, and utilities to deploy large networks of EV chargers. Its API-first architecture makes the platform more modular and scalable than competitors. Key capabilities of the ChargeLab platform include automated monitoring of EV chargers, pricing and access rules, EV driver payment processing, and electrical load balancing.
EV charging in the next decade will be about scale. ABB is synonymous with excellence at scale. The EV charging industry is working to improve reliability and convenience. This partnership is not about improving EV charging for a few EV drivers, it’s about leveling up this industry for millions.—Zak Lefevre, co-founder and CEO of ChargeLab
In addition to this financing, ABB and ChargeLab have signed a partnership agreement to develop next-generation software solutions for ABB charging stations. ABB and ChargeLab both remain firmly committed to the Open Charge Point Protocol (OCPP) and interoperability.
ABB has sold more than 680,000 electric vehicle chargers across more than 85 markets—more than 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.
ChargeLab’s Series A was led by King River Capital, with Construct Capital, Root Ventures, and other investors participating alongside ABB EL Ventures. This $15-million Series A follows a $4.3 million Seed round last year. ABB is ChargeLab’s largest strategic investor, complementing the tech industry expertise brought by ChargeLab’s other investors who previously held leadership roles at Uber, Apple, Square, and Google.