ABB has acquired a controlling stake in EV charging infrastructure solutions company InCharge Energy, strengthening its offering in the US.

InCharge Energy will expand ABB’s smart and connected EV charging offering

Founded in 2018 and based in California, InCharge Energy provides EV charging infrastructure, service and software solutions to commercial fleets in the US and Canada, and the deal will broaden the customer base for ABB’s E-mobility Division and expand its fleet electrification software and digital services work.

InCharge Energy provides tailored end-to-end EV charging infrastructure solutions, along with cloud-based software services for the optimisation of energy management. Its service models offer subscription solutions such as software-as-a-service and fully financed charging-as-a-service.

Customers range from last-mile delivery firms to rental fleets; InCharge Energy has several master agreements with major commercial fleet operators in the US.

The transaction builds on ABB’s initial 10% investment as part of series A venture capital funding in 2020 and increases the stake to around 60% of InCharge Energy’s issued share capital. Financial terms of the transaction were not disclosed. Founders Cameron Funk and Terry O’Day, together with the current management team, will continue to lead the company and retain the remaining stake.

Frank Muehlon, president of ABB’s E-mobility Division, 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 US achieve its aim of building a nationwide network of 500,000 EV chargers by 2030.”

Cameron Funk, CEO of InCharge Energy, said ABB was a natural fit for the business.

“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.”