Electrify America raises $450 million
Electrify America , a Volkswagen subsidiary which operates electric vehicle charging stations in North America, has raised $450 million at a post-money valuation of $2.45 billion.
Siemens, through its financing arm Siemens Financial Services, will invest a low triple-digit million USD amount in Electrify America, making it the first external investor in Electrify America. In addition, Volkswagen Group is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026.
The investments will support Electrify America’s growth plans as it looks to expand to 1,800 charging stations and more than 10,000 ultra-fast chargers in the U.S. and Canada by 2026. The company currently operates 3,500 ultra-fast chargers at 800 stations.
“With our recent investment, we confirm our commitment to keep growing in the Charging and Energy business. We are supporting eMobility in North America to more than double Electrify America’s charging infrastructure to 1,800 sites and 10,000 ultra-fast chargers by 2026. Siemens’ investment validates our electrification strategy to provide charging and energy solutions nationwide, and the company is a significant strategic technology and electrification partner for us on this route.” – Thomas Schmall, Volkswagen Group Board of Management member for Technology and CEO of Volkswagen Group Components.
“Siemens’ expertise in electric vehicle charging infrastructure and technology is a natural complement to Electrify America as we lead the transition to an eMobility transportation system in North America. We remain committed to our mission to rapidly expand ultra-fast and seamless charging to deliver a positive customer experience for electric vehicle owners both now and in the future.” – Giovanni Palazzo, president and CEO of Electrify America.
“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. 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.” – Veronika Bienert, CEO, Siemens Financial Services.