Business Wire

ABB Acquires Controlling Interest in InCharge Energy, Strengthening its EV Charging Solutions in the U.S.

Share

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.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

For more information please contact:

ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
or
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release

Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination

Ipsen: ASCO 2022: New Cabometyx ® Data Show Encouraging Results in Monotherapy and in Combination Across Different Tumor Types Including Metastatic Non-Small Cell Lung Cancer26.5.2022 23:00:00 CEST | Press release

Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced encouraging data to be presented for the multi-targeted tyrosine kinase inhibitor (TKI), Cabometyx® (cabozantinib), across a range of cancer types at this year’s American Society of Clinical Oncology Annual Meeting (ASCO 2022) to be held on 3-7 June. Data presentations will include findings in metastatic non-small cell lung cancer (NSCLC), as well as established indications of advanced renal cell carcinoma and radioactive iodine-refractory differentiated thyroid cancer (RAI-R DTC). These data show that the therapeutic potential of Cabometyx as a key treatment option in a broad range of tumors is continuing to be realized. Updated outcomes from the multicenter Phase Ib COSMIC-021 trial evaluating the combination of Cabometyx plus atezolizumab in an expanded patient population in metastatic NSCLC demonstrate encouraging clinical activity with manageable toxicity in people previously treated with an immune checkpoint inhib

New Better Dispensing Videos from Nordson EFD Explain Jetting Technology and How to Choose the Right Solution26.5.2022 19:00:00 CEST | Press release

Nordson EFD, a Nordson company (NASDAQ: NDSN) and leading precision fluid dispensing systems manufacturer, introduces a new Better Dispensing™ How-To Video series. These three highly educational videos presented by EFD application specialist, Tom Muccino, provide best practices for choosing between contact dispensing and non-contact (jet) dispensing, and how to select the best jetting valve for a manufacturing application. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220510006079/en/ xQR41 Series MicroDot™ needle valve (left) and PICO Pµlse XP jet valve (right). (Photo: Business Wire) “One of the main differences is that with jetting, your valve never touches the surface of the part. Instead, your fluid “flies” or “jets” out of the valve, which is above the part,” Muccino explains in the first video. “This makes jetting perfect for fragile or complex parts.” Nordson EFD provides a wide range of contact and non-contact (jet

Medisca Drives Worldwide Access to Thyroid through Distribution License with SUANFARMA26.5.2022 18:17:00 CEST | Press release

On March 16, 2022, Medisca, a global supplier of pharmaceutical ingredients and equipment, entered into an exclusive agreement with SUANFARMA, a European-based manufacturer and distributor of pharmaceutical ingredients, for the global supply and distribution of Thyroid Powder, USP, by leveraging its exclusive partnership with pharmaceutical manufacturer, Sichuan Deebio Pharmaceutical Co., Ltd (Deebio). “Partnering with Deebio in June 2021 was a huge milestone for the pharmaceutical compounding industry as it allowed us to secure and stabilize the supply of high quality Thyroid Powder for the US market,” said Panagiota Danopoulos, Senior Vice President of Global Strategy & Innovation at Medisca. “After going to market, we immediately realized that the demand for Thyroid Powder extended outside of our usual distribution channels to compounding pharmacies,” continued Danopoulos. “And we had the capacity to upscale supply to make this critical ingredient accessible to various markets, chan

Merck to Present Latest Research From Oncology Portfolio at ASCO 202226.5.2022 18:00:00 CEST | Press release

Merck, a leading science and technology company, today announced the latest research representing the Company’s innovative oncology portfolio has been accepted for presentation at this year’s American Society of Clinical Oncology (ASCO) Annual Meeting, June 3-7, 2022. Data encompass Company-sponsored, investigator-sponsored, and external collaboration studies. Abstracts to be shared at the meeting include data for the Company’s licensed medicines BAVENCIO® (avelumab), TEPMETKO® (tepotinib) and ERBITUX® (cetuximab), and its oncology pipeline. The presentations span key tumor types including advanced urothelial carcinoma (UC), advanced renal cell carcinoma (RCC), metastatic non-small cell lung cancer (NSCLC), metastatic colorectal cancer (CRC), and head and neck cancer (SCCHN). “We look forward to coming together with the scientific community at ASCO 2022, where we will share the latest data from our portfolio, which demonstrate our determination to make a real difference in the lives of