Volkswagen and Siemens invest $450m in Electrify America’s growth vision

VW makes additional investment in Electrify America, the largest public ultra-fast charging network for electric vehicles from all vendors in North America.

Autocar Pro News Desk By Autocar Pro News Desk calendar 29 Jun 2022 Views icon3400 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Volkswagen and Siemens invest $450m in Electrify America’s growth vision

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.

RELATED ARTICLES
ZF to display next-gen e-axle for low-floor city buses at Busworld Turkiye 2024

auther Autocar Pro News Desk calendar24 Apr 2024

The AxTrax 2 LF is available with a continuous output of up to 360 kW and a peak torque of up to 37,300 Nm.

Daimler Buses and BMZ Poland to develop next-gen NMC4 electric bus batteries

auther Autocar Pro News Desk calendar24 Apr 2024

The new battery generation NMC4 – succeeding the current NMC3 technology – will combine high energy density, resulting i...

Netradyne expands UK operations via partnership with Intelex

auther Autocar Pro News Desk calendar23 Apr 2024

The collaboration between Netradyne and Intelex marks a substantial leap forward in advancing road safety and fleet mana...