Electrify America Lands Volkswagen, Siemens Investment
Volkswagen and Siemens are investing $450 million in Electrify America, which is currently valued at $2.45 billion.
Photo Insert: With Siemens, Electrify America will receive its first external investor, as well as an important strategic technology partner. Volkswagen’s infusion is keeping in step with its NEW AUTO strategy.
Electrify America hosts a network of DC fast-charging stations for electric vehicles in the United States, with over 730 charging locations and over 2,438 individual charging units as of March this year.
With Siemens, Electrify America will receive its first external investor as well as an important strategic technology partner. While Volkswagen’s infusion is keeping in step with its NEW AUTO strategy aimed at accelerating the comfort, quality, and expansion of the public charging infrastructure across North America.
"With our additional investment in Electrify America, we are giving e-mobility in North America a further boost and consistently grow our charging and energy business. The plan is to more than double Electrify America's charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026," said Thomas Schmall, Volkswagen Group Board Member for Technology and CEO of Volkswagen Group Components.
The Volkswagen Group has made charging and energy its key business with the NEW AUTO strategy. Unlike any other automaker, the business is investing in the global creation of an open fast-charging network. Together with partners, around 45,000 High Power Charging (HPC) points are planned in Europe, China, and the United States by 2025.
On the other hand, Siemens Financial Services (SFS), Siemens' financial arm, will receive a seat on Electrify America’s board in exchange for its company’s investment.
“Representing one of Siemens’ largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and Canada,” said Veronika Bienert, CEO, Siemens Financial Services.
By extending charging and energy solutions across public, home, and commercial offerings, Siemens funding infusion will support Electrify America's expedited expansion goals.
While emphasizing the company's commitment to future collaboration on technology and services that will promote the spread of high-quality, dependable charging solutions via Siemens eMobility, the company's eVehicle OEM that offers the full spectrum of state-of-the-art AC and DC charging hardware, software, and services for residential to commercial applications.