Santa Monica-based fleet electrification company InCharge Energy has sold a majority stake in its business to Swiss robotics giant ABB, the companies announced on Thursday.
The transaction gives ABB a 60% majority stake in InCharge, which manufactures electric vehicle charging systems for commercial fleet operators, including rideshare, school districts and municipalities. The financial terms of the transaction were not disclosed. The Swiss company initially acquired a 10% stake in the startup as part of its Series A funding round in 2020.
While InCharge will be integrated into ABB’s electric mobility division, it will retain its management team, including co-founders Cameron Funk and Terry O’Day, and its “technology neutrality,” the company said in a press release.
Founded in 2018, InCharge manages fleet electrification projects for commercial clients including rental car company Ryder, truck and bus maker Navistar and GM BrightDrop, which develops electrified vans for commercial delivery companies. BrightDrop is part of GM’s larger initiative to have an all-electric vehicle lineup by 2035; The launch customer is FedEx, which has placed an initial order for 500 EV600 vehicles.
InCharge currently employs around 50 people. As part of its national expansion plans, the Santa Monica startup aims to hire hundreds of field technicians over four years to support and maintain its charging systems across the country.
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