Charging network Electrify America was established by the Volkswagen Group in 2016. Now Volkswagen, together with Siemens, have announced a new investment of $450 million, which will bring the company’s total valuation to $2.45 billion. Through its financing arm Siemens Financial Services (SFS), Siemens will become a minority shareholder in Electrify America as well as a strategic technology partner. Siemens will be the company’s first external investor, and will hold a seat on the board.

The new capital investment will support Electrify America’s accelerated growth plans. Furthermore, Siemens and Electrify America will collaborate on new technologies and services.

“With our additional investment in Electrify America, we are giving e-mobility in North America a further boost and consistently growing our charging and energy business,” said Thomas Schmall, CEO of Volkswagen Group Components. “The plan is to more than double Electrify America’s charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026. Siemens’s investment confirms our electrification strategy of making charging and energy solutions available nationwide to customers of all EVs.”

“Representing one of Siemens’s 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.

Source: Siemens