Get in the KNOW
on LA Startups & TechX
Santa Monica-based fleet electrification company InCharge Energy has sold a majority stake in its business to Swiss robotics giant ABB, the companies announced Thursday.
The deal gives ABB a 60% controlling interest in InCharge, which builds electric vehicle charging systems for commercial fleet operators including ride-share operators, school districts and municipalities. Financial terms of the transaction were not disclosed. The Swiss firm initially acquired a 10% stake in the startup through its Series A funding round in 2020, which ABB led alongside Macquarie Capital.
While InCharge will be folded into ABB’s e-mobility division, it will maintain its management team, including co-founders Cameron Funk and Terry O’Day, as well as its “tech neutrality,” the company said in a press release.
Founded in 2018, InCharge manages fleet electrification projects for commercial customers including truck rental company Ryder, truck and bus manufacturer Navistar and GM BrightDrop, which is developing electric-powered vans for commercial delivery firms. BrightDrop is part of GM’s larger initiative to have an all-electric lineup of vehicles by 2035; its first customer is FedEx, which placed an initial order for 500 EV600 vehicles.
InCharge currently employs around 50 people. As part of its plans to expand nationally, the Santa Monica startup has a four-year goal to hire hundreds of field technicians to support and service its charging systems across the country.