ABB Acquires Controlling Interest in InCharge Energy, Strengthening its EV Charging Solutions in the U.S.
ABB today announced the acquisition of 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.
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.
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 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.
“As a world leader in sustainable transport electrification – from charging solutions for cars, buses and trucks to rail infrastructure and on-shore marine electrification – we expect to continue to outgrow this strong market based on market-leading technology and innovation. This transaction is part of our commitment to accelerate the future of sustainable transport and strengthens the support to current and future customers and partners in the U.S.” said Tarak Mehta, President of ABB’s Electrification business area.
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 U.S. 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.”
Cameron Funk, CEO of InCharge Energy added: “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 national network of EV chargers and invest over $5 billion in clean transit buses to accelerate EV adoption, reduce air pollution and create jobs. As the world leader in EV charging solutions, ABB is ready to support the expansion of the country’s charging network and help meet the goals of the Act.
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com
About InCharge Energy
InCharge Energy is an energy solutions company that is accelerating electrification of the transportation industry by providing a comprehensive scalable e-fleet solution. We tailor our solutions to private and public commercial fleets, electric vehicle OEMs, ride-share operators, municipalities and commercial/residential facilities owners.
Important notice about forward-looking information
This press release contains forward-looking statements relating to the acquisition by ABB of a majority stake in InCharge Energy. Such forward-looking statements can be identified by words such as plans, intends, expects, and other similar terms. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. Among other risks, there can be no guarantee that the expected benefits of the investment will be realized. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect ABB's business, particularly those identified in the cautionary factors discussion in ABB's Annual Report on Form 20-F. ABB undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
For more information please contact:
Phone: +41 43 317 71 11
Phone: +41 43 317 71 11
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
LintonPharm to Release Data on Catumaxomab for Advanced Gastric Cancer with Peritoneal Metastasis at 2022 ASCO Annual Meeting27.5.2022 15:00:00 CEST | Press release
LintonPharm Co., Ltd., a China-based biopharmaceutical company focusing on the development of T cell engaging bispecific antibodies for cancer immunotherapy, announces that preliminary results of Catumaxomab for advanced Gastric Cancer (GC) with peritoneal metastasis is published online at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. Abstract Number：e16102 Abstract Title：Global multi-center phase I trial of the intraperitoneal infusion of anti-EpCAM x anti-CD3 bispecific antibody catumaxomab for advanced gastric carcinoma with peritoneal metastasis. The abstract is about the cohort A, stage I of the ongoing global phase Ⅲ trial that evaluating the safety and efficacy of Catumaxomab in advanced GC patients with peritoneal metastasis (clinicaltrials.gov: NCT04222114). Worldwide, GC is one of the most common cancers, contributing to more than 1 million cases per year and 5.6% of all cancer diagnoses . Approximately 50% of the advanced GC patients will develop p
FEELM unveils the world's first ceramic coil disposable pod solution at Vaper Expo UK 202227.5.2022 13:38:00 CEST | Press release
FEELM, the flagship atomization tech brand belonging to SMOORE, today showcased the world's first ceramic coil disposable pod solution series, FEELM Max at Vaper Expo UK 2022 in Birmingham, UK. By launching the solution and showcasing its cutting-edge ceramic coil heating technology, FEELM is introducing ceramic coil to the emerging category of disposable vape. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005197/en/ (Photo: Business Wire) As a new category in the ascendant, the disposable vape has been growing in popularity since 2020. The market size of disposable (closed system) vaping product has grown to approximately USD2.125 billion in 2021, accounting for 22.7% of global vaping device market share; and it is expected to increase at a GAGR of over 28% from 2022 to 2026, being the fastest-growing category among all vaping products, according to the estimates of Frost & Suvillian. In 2022, the market size of disp
Mavenir’s Containerized Open vRAN Small Cell Solution Wins Award for Outstanding Contribution to Emerging Technology or Architecture27.5.2022 09:00:00 CEST | Press release
Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, today announced to have won the SCF Small Cell Awards 2022 for Outstanding Contribution to Emerging Technology or Architecture, for its design and delivery of the first fully containerized small cell Open Virtualized Radio Access Network (Open vRAN), for indoor and outdoor connectivity. Mavenir’s containerized Open vRAN solution is a first of its kind and combines the interoperability of Open RAN with the portability and flexibility of containers. This small cell solution brings the same future-forward approaches of Open RAN and containerization having significant impacts in macro networks to small cell networks. The deployment of a containerized solution is a significant milestone in the evolution of connectivity, moving away from the physical infrastructure to a digital cloud-based environment. Containers take virtualizati
TYAN Brings Modern HPC Server Platforms for Data Centers at ISC 202227.5.2022 09:00:00 CEST | Press release
TYAN®, an industry-leading server platform design manufacturer and MiTAC Computing Technology Corporation subsidiary, will exhibit its latest HPC platforms powered by 3rd Gen AMD EPYC™ Processors with AMD 3D V-Cache™ technology for data centers deployments at the ISC 2022 event from May 30th to June 1st at booth #D400. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005002/en/ TYAN’s Server Platforms Powered by AMD EPYC 7003 Series Processors Provide the Best Foundation for Data Centers that Can be Tailored to Specific Workloads (Photo: Business Wire) “The amount of data generated by humans and machines has increased exponentially and this requires a steady increase of data center compute performance, therefore, modern data centers need balanced hardware to efficiently manage growing data volumes,” said Danny Hsu, Vice President of MiTAC Computing Technology Corporation's Server Infrastructure Business Unit. “TYAN’s ser
Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release
Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom