- ABB E-mobility joins Series A investment in EV charging software provider ChargeLab as the only strategic investor
- Additional funding and new commercial partnership to strengthen ABB E-mobility offering in the US and Canada
Today, ABB E-mobility announces an investment into EV charging software provider ChargeLab. Co-ordinated through ABB EL Ventures, the investment forms part of ChargeLab’s $15 million Series A financing. ABB E-mobility first partnered with ChargeLab in 2020. This investment, along with a new commercial partnership to develop next-generation software solutions for ABB charging stations, will focus on expanding ABB’s e-mobility product suite in the United States, Canada, and other strategic geographies.
Bob Stojanovic, ABB’s senior vice president, E-Mobility North America commented: “Today’s announcement is another exciting step in the evolution of our sector. ChargeLab is ideally positioned to scale with the needs of the enterprise customers that ABB E-Mobility serves. ChargeLab’s unique approach to EV charger management will make it easier to deploy, manage, and monetize ABB charging stations.”
ChargeLab network services already run on top of ABB’s charging solutions, the Terra DC and Terra AC wallbox, using the Open Charge Point Protocol (OCPP). ChargeLab’s software empowers fleets, building operators, and utilities to deploy large networks of EV chargers. Their API-first architecture makes their platform more modular and scalable than competitors. Key capabilities of the ChargeLab platform include automated monitoring of EV chargers, pricing and access rules, EV driver payment processing, and electrical load balancing.
“EV charging in the next decade will be about scale,” added Zak Lefevre, co-founder and CEO of ChargeLab. “ABB is synonymous with excellence at scale. The EV charging industry is working to improve reliability and convenience. This partnership is not about improving EV charging for a few EV drivers, it’s about leveling up this industry for millions.”
In addition to this financing, ABB and ChargeLab have signed a partnership agreement to develop next-generation software solutions for ABB charging stations. ABB and ChargeLab both remain firmly committed to the Open Charge Point Protocol (OCPP) and interoperability. This means ABB chargers will continue to be the best hardware choice for any OCPP network operator, and ChargeLab’s software will remain compatible with a range of charger manufacturers. This partnership will give ABB chargers a better out-of-the-box software solution for businesses and individuals that do not already have an EV charging network software.
“As the EV market continues to undergo massive growth, the value proposition of ChargeLab’s hardware agnostic software becomes increasingly apparent to both vendor and user”, said Malin Carlstrom, Head of Ventures at EL Ventures. “We believe that Zak and his team are poised to create the Android of charging systems, and that ABB can be the strategic and financial partner, delivering significant benefits to both parties.”
Notes to editors
Today, ABB is the world leader in EV charging solutions and the partner of choice for the world’s biggest electric vehicle OEMs and nationwide EV charging network operators, having sold more than 680,000 electric vehicle chargers across more than 85 markets; over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.
ABB E-mobility offers the widest portfolio of EV charging solutions from smart chargers for the home to high-power chargers for the highway stations of the future, solutions for the electrification of fleets and opportunity charging for electric buses and trucks.
ChargeLab’s Series A was led by King River Capital, with Construct Capital, Root Ventures, and other investors participating alongside ABB EL Ventures. This $15 million Series A follows a $4.3 million Seed round last year. ABB is ChargeLab’s largest strategic investor, complementing the tech industry expertise brought by ChargeLab’s other investors who previously held leadership roles at Uber, Apple, Square, and Google.
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. For more information, please visit www.abb.com
About ABB EL Ventures
ABB EL Ventures is the venture arm of ABB Electrification Business Area. EL Ventures closely collaborates with the Electrification divisions to help them achieve strategic goals through driving the ideation, scouting, assessment and execution phases of the made-to-measure start-up engagements. EL Ventures was established in 2020 and has mandate to invest $20 million globally each year in the areas of E-mobility, Smart Power, Smart Cities and Smart Buildings.
ChargeLab builds software for managing electric vehicle chargers. Once connected, ChargeLab’s platform allows operators to easily manage their EV chargers, set pricing and access rules, handle payments, and balance their electrical infrastructure. ChargeLab is the white-label provider to numerous charging networks in North America, and their open APIs are leveraged by technology leaders throughout the EV industry.