In-Charge Energy Announces SERIES A Funding Led by Macquarie
LOS ANGELES, March 4, 2020 /PRNewswire/ -- In-Charge Energy, an energy solutions company accelerating electrification of the transportation industry by providing scalable, turnkey commercial Electric Vehicle (EV) infrastructure solutions, today announced Series A funding led by Macquarie Capital and ABB Technology Ventures. Greg Callman, Senior Managing Director and Global Head, Energy Technology at Macquarie Capital, will join In-Charge Energy's Board of Directors. The additional capital will enable the company to meet the growing demands of new customers and partners in automobile fleet electrification.
In-Charge tailors electric vehicle charging systems to private and public commercial fleets, electric vehicle manufacturers, ride-share operators, municipalities and commercial facilities owners. Its founding team of Chief Executive Officer Cameron Funk and Chief Operating Officer Terry O'Day is among the most experienced in EV charging infrastructure, with executive experience covering ABM, NRG Energy, EVgo, innogy eMobility, and Edison International. Mr. Funk previously led Innogy eMobility as CEO, while Mr. O'Day previously led North American strategy for innogy e-Mobility US, a division of Innogy SE.
In-Charge provides pioneering turnkey energy and electric vehicle (EV) charging infrastructure solutions as a service to customers of Ryder System, Inc., a leader in commercial fleet management, dedicated transportation, and supply chain solutions.
Mr. Callman's Global Energy Technology team invests in companies and infrastructure across a range of areas, including electrification, distributed energy and energy storage. Callman joined Macquarie Capital from Tesla, where he served as Global Director of Business Development and Market Entry for Tesla Energy.
At Tesla, Callman led the development of Tesla's global Supercharger program; the development of the fleet electrification program for the Class 8 Truck and the market entry and growth of Tesla's energy storage business from pilot projects to a global portfolio across residential, commercial and utility segments, including the first battery-backed DC charging stations.
"Making it easy for fleets to save money by transitioning to electric vehicles requires an innovative approach to developing charging infrastructure and fleet management. Macquarie brings capabilities across infrastructure, EVs, energy storage, software and energy trading to support fleets in this transition, and we are pleased to be working with the team at In-Charge," said Mr. Callman. "In-Charge has the experience and ability to ensure fleets have what they need to introduce electric vehicles without unnecessary complexity and to expand their electric fleets as quickly as needed."
Investing in In-Charge was a natural fit for ABB Technology Ventures, with ABB having entered the EV-charging market back in 2010. Today the leader in digital technologies has sold more than 13,000 ABB DC fast chargers across over 80 countries.
Bob Stojanovic, ABB's Head of Electric Vehicle Charging in North America commented: "ABB is a global leader in e-mobility solutions, with deep experience in EV infrastructure. ABB is therefore well positioned to support the development of organizations, like In-Charge, which are investing in pioneering technology to help advance the adoption of sustainable transportation."
About In-Charge Energy
In-Charge 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.
About Macquarie Capital
Macquarie Capital combines grounded thinking with innovative approaches to develop transformative opportunities for our clients - our partners. Our capabilities encompass corporate advisory and a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie's own balance sheet. These offerings are reinforced through our deep sector expertise in infrastructure and energy, real estate, aerospace, defense and government services, consumer, gaming and leisure, financial institutions, resources, services, telecommunications, media and technology sectors across the US with 417 transactions completed, valued at $339 billion in the year ended March 31, 2019.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the venture capital unit of ABB (NYSE: ABB). ATV partners with and invests in breakthrough technology companies aligned with ABB's goal to write the future of industrial digitalization. Since its formation in 2009, ATV has deployed more than $200 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, cybersecurity, electric mobility, smart buildings and distributed energy. Learn more at www.abb.com/ventures
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SOURCE In-Charge Energy