ABB invests in InCharge Energy
Swiss technology group ABB has acquired a majority stake in US company InCharge Energy. ABB had held a ten per cent stake in InCharge Energy since 2020 and is now increasing its share to 60 per cent. The acquisition is intended to strengthen ABB’s e-mobility division in the North American market.
The transaction is part of ABB e-mobility’s growth strategy, according to ABB. It is intended to accelerate the expansion of its portfolio to include turnkey e-mobility infrastructure solutions for private and public fleets, e-mobility manufacturers and others.
ABB does not elaborate on the financial terms. InCharge founders Cameron Funk and Terry O’Day, as well as the current management team, are expected to continue to run the company and retain the remaining stake.
ABB is a “natural fit for us,” says InCharge CEO Funk. “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.” He sees the “combined ability to offer turnkey solutions and advanced services to fleet managers and EV drivers.”
With the new funding from the majority investment, InCharge Energy sees itself in a position to undertake larger projects for its customers, expand operations in the US and into Canada, and bring more products and services to market.
In December, ABB announced plans to spin off its e-mobility division, which includes its charging station business, in the first half of 2022 and list it on a Swiss stock exchange. The legal separation is expected to be completed in the first quarter of 2022, according to a release at the time. The timing of the IPO would depend on market conditions. If these “continue to be favourable”, the IPO could take place in the first half of 2022, with ABB stressing its intention to retain a majority stake in the future listed company afterwards.