The Volkswagen Group and Siemens, the global technology company, have announced they are investing $450 million Electrify America. As a result, Electrify America, the largest public ultra-fast electric vehicle (EV) charging network in North America, is valued at $2.45 billion.
Through its financing arm, Siemens Financial Services (SFS), Siemens now becomes a minority shareholder in Electrify America. With this investment, it will now hold a seat on the board.
With Siemens, Electrify America receive its first external investor as well as an important strategic technology partner. In line with Volkswagen’s NEW AUTO strategy, this step consistently accelerates the comfort, quality and expansion of the public charging infrastructure in the US and Canada.
This news follows Siemans investing $25 million to acquire a minority stake in US-based WiTricity, the US wireless charging technology company. Here, the two companies will work together to drive innovation in the emerging market for wireless electric vehicle (EV) charging.
Thomas Schmall, Volkswagen Group Board Member for Technology and CEO of Volkswagen Group Components, said: “With our additional investment in Electrify America, we are giving emobility 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. Siemens’ investment confirms our electrification strategy of making charging and energy solutions available nationwide – to customers of all EVs. With its expertise and portfolio, Siemens is an important strategic technology partner for us on this route.”
The investment will support Electrify America’s accelerated growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings.
Veronika Bienert, Siemens Financial Services CEO, said: “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 fulfil Siemens’ commitment to decarbonise key industries, accelerate the shift to sustainable mobility, and do so in a way that’s accessible for all.”
This investment from Siemens strengthens the commitment to future collaboration between Siemens and Electrify America. This is on both technologies and services that will drive the expansion of high-quality, reliable charging solutions.
As a full-service provider of electric vehicle charging infrastructure, Siemens eMobility offers the full spectrum of state-of-the-art AC and DC charging hardware, software and services, from residential to commercial to depot applications.
With the NEW AUTO strategy, the Volkswagen Group has made charging and energy its core business. The company is investing in the development of an open fast-charging network worldwide. By 2025, around 45,000 High Power Charging (HPC) points are planned in Europe, China and the USA, together with partners.
The product range also includes the entire range of charging solutions for private customers and companies. This range from the company’s own wallbox and flexible fast-charging station to charging services and innovative, smart green electricity tariffs.