ABB Strengthening Its EV Charging Solutions in the U.S. with Acquisition of Controlling Interest in InCharge Energy

By Harry Forbes

Category:
Acquisition or Partnership

ABB announced the acquisition of a controlling stake in electric vehicle (EV) commercial charging 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 EV Charging Solutionsdigital 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 percent stake through its investment in the Series A venture capital funding round in 2020 and has now increased its interest to approximately 60 percent 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.

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