On June 28, the Volkswagen Group and Siemens announced their support of the ambitious growth plans of Electrify America, LLC – the largest public ultra-fast charging network for electric vehicles from all vendors in North America. The two companies are investing $450 million, valuing Electrify America at $2.45 billion. Through its financing arm Siemens Financial Services (SFS), Siemens will become a minority shareholder in Electrify America with a low triple-digit million USD investment and will hold a seat on the board.
Siemens is the first external investor in Electrify America. receive its as well as an important strategic technology partner.
Thomas Schmall, Volkswagen Group Board Member for Technology and CEO of Volkswagen Group Components said in a statement that he wants to see 1,800 Electrify America locations and 10,000 fast chargers by 2026, which would more than double the amount of charging infrastructure in place today.
Veronika Bienert, CEO, Siemens Financial Services, added “Our unique ability to combine financial and technology know-how helps to fulfill Siemens’ commitment to decarbonize key industries, accelerate the shift to sustainable mobility, and do so in a way that’s accessible for all.”
Subscribe today to the all-new Factor This! podcast from Renewable Energy World. This podcast is designed specifically for the solar industry and is available wherever you get your podcasts.
Listen to the latest episode, on the restart of California’s net energy metering reform proceeding — and rooftop solar’s biggest fight yet — with Vote Solar’s new executive director, Sachu Constantine.
The investments by Volkswagen and Siemens Financial Services represent a strategic partnership for Electrify America and Siemens: first, the capital investment will support Electrify America’s growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings. Second, Siemens’ investment strengthens the commitment to future collaboration between Siemens and Electrify America on technologies and services that will drive the expansion of high-quality, reliable charging solutions.
Under its NEW AUTO strategy, the Volkswagen Group said it has made charging and energy its core business. The company is investing in the development of an open fast-charging network worldwide and it says that by 2025, around 45,000 High Power Charging (HPC) points are planned in Europe, China and the USA together with partners.