With Siemens investment, Electrify America gets its first boost beyond the original plan
Electrify America on Tuesday announced that it has raised $450 million, marking the first expansion beyond the charging network’s original funding plan.
In a press release, Electrify America said the total includes a “low triple-digit” sum from German conglomerate Siemens. This investment gives Siemens a seat on the board of Electrify America.
Siemens is the first outside investor in Electrify America, which was formed with a $2 billion funding commitment from the Volkswagen Group as part of the automaker’s diesel emissions cheating agreement with the federal government. state. Electrify America begins drawing up a $2 billion plan in 2016and VW’s investment commitment will be valid until 2026.
Electrify America Jeep 4xe Charging Network
Electrify America originally focused on DC fast charging on the road, complete the first cross-country route in 2020. It also adds a road trip oriented network with some urban charge in the interim. The company says it currently has 758 tolling locations in the United States, with another 76 expected to open soon. It also claims to have 3,010 individual DC fast chargers, plus 116 Level 2 AC connectors.
we first time report heard of Electrify America was looking for outside investors last summer, in an effort to scale. Soon after, it announced the plan double the network by 2025, with an extension into the upper Midwest. The company now says it will use the new investments for that expansion. It’s also not the only recent electric vehicle-related investment from Siemens; the company earlier this month invested in wireless charging Skill.
The Electrify America network grew rapidly under VW, but is outside investment the first step in making it a viable long-term competitor to Tesla’s network? We’ll have to wait and see.