VW makes additional investment in Electrify America, the largest public ultra-fast charging network for electric vehicles from all vendors in North America.
29 Jun 2022 | 3944 Views | By Autocar Professional Bureau
Volkswagen together with Siemens, the leading global technology company, is investing $450 million (Rs 3,513 crore), valuing Electrify America at $2.45 billion (Rs 19,129 crore). Through its financing arm Siemens Financial Services (SFS), Siemens becomes a minority shareholder in Electrify America with a low triple-digit million USD investment and will ...
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Volkswagen together with Siemens, the leading global technology company, is investing $450 million (Rs 3,513 crore), valuing Electrify America at $2.45 billion (Rs 19,129 crore). Through its financing arm Siemens Financial Services (SFS), Siemens becomes a minority shareholder in Electrify America with a low triple-digit million USD investment and will 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 U.S. and Canada.
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 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. 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 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 accelerated 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. As a full-service provider of e-Mobility 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.
‘New Auto’ bundles VW activities on charging infra, energy services
With the ‘New Auto’ strategy, the Volkswagen Group has made charging and energy its core business. The automaker 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 – from the company's own wallbox and flexible fast charging station to charging services and innovative, smart green electricity tariffs. In the next step, Volkswagen will anchor the electric car as a mobile power bank in the energy system creating additional added value for e-car customers.