Volkswagen and Siemens invest in Electrify America’s ambitious growth plan

Jun 27, 2022

$450 million equity investment supports Electrify America’s expansion plans in U.S. and Canada
Siemens is first external investor in Electrify America LLC and becomes new shareholder; in line with company’s commitment to accelerate the shift to sustainable mobility
$2.45 billion post-money valuation for Electrify America confirms Volkswagen’s successful e-mobility strategy in North America
NEW AUTO: Charging & Energy is strategic pillar and core business of the Volkswagen Group

Wolfsburg, June 28, 2022 – The Volkswagen Group and Siemens support the ambitious growth plans of Electrify America, LLC – the largest public ultra-fast charging network for electric vehicles from all vendors in North America. Volkswagen together with Siemens, the leading global technology company, is 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.

Thomas Schmall, Volkswagen Group Board Member for Technology and CEO of Volkswagen Group Components emphasizes: “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.”

“Representing one of Siemens’ largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and Canada,” said Veronika Bienert, CEO, Siemens Financial Services. “Our unique ability to combine financial and technology know-how helps to fulfill Siemens’ commitment to decarbonize key industries, accelerate the shift to sustainable mobility, and do so in a way that’s accessible for all.”

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 Group activities on charging infrastructure and energy services

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. 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.

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About SIEMENS
Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers.