ABB Buys Controlling Interest In InCharge Energy

(RTTNews) - ABB announced the acquisition of a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions company InCharge Energy. Financial terms of the transaction were not disclosed.

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 about 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.