InCharge Energy, the fleet electrification services leader, has sold a majority interest in the company to longtime partner ABB. An early investor in InCharge, ABB has increased its stake to 60%.
“ABB, as a pioneer of the green mobility revolution, is a natural fit for us,” said Cameron Funk, CEO of InCharge Energy. “Most of our turn-key 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.”
InCharge Energy will maintain its leadership team and tech neutrality as it joins ABB’s E-Mobility Division. According to ABB, this transaction makes a significant impact on its growing portfolio of E-mobility service offerings. InCharge Energy’s reliable, turnkey charging infrastructure solutions, robust software platform (In-Control) and roster of bold-name customers made it an attractive investment for ABB. Financial terms of this agreement were not disclosed.
“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,” said Frank Muehlon, President of ABB’s E-mobility Division. “With this transaction, 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.”
With this considerable funding, InCharge Energy will have the opportunity to execute larger projects for its customers, expand operations to Canada and across the U.S. and launch more products and services that solve pressing fleet electrification challenges.
“At this point in our business, our growth trajectory is a steep slope and we’re excited to have ABB’s support to help us keep pace,” said Terry O’Day, COO of InCharge Energy. “The access to resources and global corporate infrastructure we’ll have as a result of this transaction will be a great benefit to us and to our customers.”
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.
With the help of its recently-announced INVEST in America E-Fleet Task Force, InCharge will continue to identify funding opportunities that will accelerate fleet customers’ transition to electric vehicles.
Houlihan Lokey HLI (NYSE) served as investment advisor for the transaction.