ABB to increase its footprint in the US by acquiring charging infrastructure specialist InCharge Energy
ABB had already acquired 10 percent stake of the company back in 2020. Now, its interest has increased to around 60 percent of issued share capital. Also, ABB increased majority stake in Chinese EV charging provider Chargedot Shanghai New Energy Technology from 67 to 80 percent.
Global company ABB announced the acquisition of US-based commercial charging infrastructure solution manufacturer InCharge Energy. According to ABB, such an acquisition is expected to strengthen the Group’s E-Mobility division in North America. In fact, InCharge Energy has currently several master agreements with major commercial fleet operators in the United States and is active also in Canada.
ABB and InCharge Energy: back to 2020…
ABB had already acquired 10 percent stake of the company back in 2020. Now, its interest has increased to around 60 percent of 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. «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», declared Cameron Funk.
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«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», added Frank Muehlon, President of ABB’s E-mobility Division.
Talking about China…
Actually, there’s more on ABB’s E-mobility Division coming from China, as the Group increased majority stake in Chinese EV charging provider Chargedot Shanghai New Energy Technology from 67 to 80 percent. In the latest years, also due to the role played by ABB, Chargedot has been able to increase market penetration in China, the country with the highest number of electric vehicles sold worldwide in 2021.
«Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business. ABB has helped deliver innovations in safe, smart and sustainable charging hardware and software solutions to the Chinese market, supporting leading companies such as SAIC, Xpeng and GAC Toyota. Looking ahead, Chinese demand for high-power charging solutions and export strategies for Chinese OEM’s are both showing significant growth. With this we see strong opportunities to leverage our global experience to further support our Chinese customers and increase market share», commented Frank Muehlon.