Volkswagen, Siemens Invest in Electrify America’s Growth Plans
The Volkswagen Group and Siemens support the growth plans of Electrify America, LLC, a public ultra-fast charging network for electric vehicles from all vendors in North America.
Volkswagen and Siemens are investing $450 million, valuing Electrify America at $2.45 billion. 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.
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 a spectrum of 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. Like no other car manufacturer, 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.
