Wolfsburg, GERMANY - Siemens is the first external investor in Electrify America LLC and becomes a new shareholder.

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, according to Siemens. 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.

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."

"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."

According to Siemens, 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.

Source:  Siemens