InCharge Energy Secures $46 Million in Strategic Funding
InCharge Energy, a Los Angeles-based provider of electric vehicle (EV) charging and energy infrastructure solutions, has successfully raised $46 million in a strategic funding round. The round was led by S2G Investments, with additional support from QIC.
Company Background
Founded by Cameron Funk, Terry O'Day, and Van D. Wilkins Jr., InCharge Energy has become a key player in the EV charging sector across North America. The company has established a significant multi-brand EV charger service network, managing over 30,000 charging assets for a diverse clientele, including fleet operators, school districts, and municipalities.
Strategic Use of Funds
The newly acquired capital will be directed towards expanding InCharge Energy's offerings beyond EV charging. This includes enhancing its energy infrastructure services to cover electrical systems and distributed energy resources. The company also plans to bolster its national field services division by hiring more technicians and expanding service coverage in key markets.
Additionally, InCharge Energy aims to accelerate the development of its InControl software platform. This proprietary platform serves as the operational backbone for managing EV charging and energy infrastructure assets. It offers features such as real-time charger visibility, remote diagnostics, network management, and AI-driven issue resolution.
Expanding Energy Solutions
InCharge Energy's InControl platform is not limited to EV charging infrastructure. It also supports the management of battery energy storage systems, solar installations, transformers, and other energy-related assets. The platform integrates various functionalities including asset monitoring, lifecycle management, warranty tracking, service contracts, and preventative maintenance programs.
Leadership Insights
Rich Mohr, CEO of InCharge Energy, commented on the company's evolving role: "EV charging was the entry point, but our customers increasingly need help operating more complex energy infrastructure."
InCharge Energy's strategic funding round and its plans for expansion reflect a growing demand for comprehensive energy solutions that go beyond traditional EV charging infrastructure. With the support of S2G Investments and QIC, the company is well-positioned to continue its growth across North America.