Volkswagen and Siemens will invest 428 million in Electrify America

MADRID, 29 Jun. (EUROPA PRESS) -

Volkswagen and Siemens will invest 450 million dollars (428 million euros at current exchange rates) in Electrify America, the largest public ultra-fast charging network for electric vehicles of all providers in North America.

According to a joint statement, the plan is to double Electrify America's charging infrastructure to 1,800 charging locations and 10,000 fast chargers by 2026.

Thus, the capital investment will primarily support Electrify America's accelerated growth plans through technological advances in charging and power solutions through public, home and commercial offerings.

Second, Siemens' investment reinforces a commitment to future collaboration between Siemens and Electrify America on technologies and services that will drive the expansion of high-quality, reliable charging solutions.

With Siemens, Electrify America, valued at 2,450 million dollars (2,331 million euros), receives its first external investor, as well as an important strategic technology partner.

In the same way, through its financial arm Siemens Financial Services (SFS), it becomes a minority shareholder of the company with a millionaire investment and will have a seat on the board of directors.

Also, in line with Volkswagen's 'New Auto' strategy, this step accelerates the convenience, quality and expansion of public charging infrastructure in the United States and Canada.

By 2025, Volkswagen plans to install some 45,000 high-power charging points in Europe, China and the United States together with other partners.