ABB
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005482/en/
Link:
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
SCENTMATIC's AI "KAORIUM" Debuts at THAMEEN Fragrance Launch in London's Selfridges4.7.2025 11:13:00 CEST | Press release
SCENTMATIC Inc., a leader in scent digitalization, introduced its AI-powered scent-to-language system, KAORIUM, at the THAMEEN Fragrance new product launch event. This pivotal event took place from June 5 to 11, 2025, at Selfridges department store in London, UK. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250703662207/en/ State of exhibition Global Expansion: KAORIUM Establishes UK Presence Europe leads the global fragrance market, with the UK projected to reach US$2.82 billion by 2033. Recognizing this, SCENTMATIC is rapidly expanding its international footprint. In May 2024, SCENTMATIC established its overseas subsidiary, KAORIUM, in London, appointing industry expert Ben Yanoushek as CEO. Official UK operations commenced on February 1, 2025, with the launch of its dedicated website: www.kaorium.com. KAORIUM Trialed at "Florentine Diamond" Launch Event The "Florentine Diamond" launch event for luxury brand THAMEEN Frag
Andersen Consulting samarbejder med Mercurial Minds om at forbedre mulighederne inden for digital transformation4.7.2025 01:10:00 CEST | Pressemeddelelse
Andersen Consulting udvider sit udbud af teknologidrevne løsninger med tilføjelsen af samarbejdsfirmaet Mercurial Minds (M.M.), et konsulentfirma inden for digital transformation, AI og IT med base i Pakistan. M.M. blev grundlagt i 2013 og tilbyder en række tjenester, der er designet til at hjælpe organisationer med at udvikle sig og skalere, herunder i forbindelse med deres digitale transformationsstrategi, AI-tjenester, it-rådgivning og udvikling af robuste mobil- og webbrugeroplevelser. Firmaet leverer end-to-end-løsninger – udformning af datadrevne køreplaner, udvikling af intelligent automatisering og levering af sikre mobil- og weboplevelser, der kan skaleres – skræddersyet til virksomheder, der ønsker at forbedre sine forbindelsesmulighederne og opnå indsigter i realtid. M.M. betjener en bred vifte af brancher med fokus på finans, telekommunikation og andre dataintensive sektorer. "Dette samarbejde er en katalysator," siger Nabeel Saiyer, administrerende direktør for M.M. "Vores
Global Tourism Surging Ahead of Economic Growth, With Visits to Hit 30 Billion by 20344.7.2025 01:00:00 CEST | Press release
The World Economic Forum report, in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, predicts a significant uptick in tourist trips across the globeThe tourism sector will contribute $16 trillion to global GDP (more than 11% of the global economy) by 2034, according to World Travel & Tourism Council estimates (WTTC)India and China will be responsible for more than 25% of all outbound travel by 2030 The World Economic Forum has today published a new report forecasting that the travel and tourism industry is projected to serve 30 billion tourist trips by 2034. Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, reveals a projected $16 trillion contribution to global GDP by the same year—representing more than 11% of the total world economy, according to World Travel & Tourism Council estimates. The report also found that the sector is expanding 1.5 times faster th
The 2025-2026 World Branding Awards Animalis Edition Honouring Leading Pet and Animal Brands Globally3.7.2025 21:00:00 CEST | Press release
The 2025-2026 World Branding Awards Animalis Edition marked its fifth instalment, bringing together leading pet and animal brands from all around the world. These brands were celebrated for their outstanding achievements, earning recognition as National, Regional, and Global Winners. The awards ceremony, held at Vienna's prestigious Hofburg Palace, welcomed winners across diverse categories, including pet food, retail, wellness, pet exhibitions, and aquatic products. Mounia Berrada-Gouzi expertly hosted the evening, which culminated in a grand celebration of brand excellence. “The Animalis Edition of the World Branding Awards recognises brands that have achieved the highest distinction—genuine recognition in the hearts and minds of consumers. Tonight, we honour those whose names resonate globally, whose values inspire loyalty, and whose presence defines excellence in the pet and animal industry,” said Richard Rowles, Chairman of the World Branding Forum. Out of over 950 brands nominate
Venture Global Announces 20-Year Sales and Purchase Agreement with PETRONAS3.7.2025 14:59:00 CEST | Press release
Today, Venture Global, Inc. (NYSE: VG) announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years. This builds upon Venture Global’s existing agreement with PETRONAS for 1 MTPA of LNG supply from Plaquemines LNG. PETRONAS, a world-class partner in the LNG industry, joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project to global energy supply and security. To date, approximately 10.75 MTPA of the 14.4 MTPA nameplate capacity for CP2 Phase One has been sold. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global’s business includes assets ac
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