Electrify America announced today that it has raised $450 million of equity investments into the company, at a post-money valuation of $2.45 billion.
Two companies participated in the round - Siemens, through its financing arm Siemens Financial Services (SFS), and the Volkswagen Group.
In the case of Siemens, it's "a low triple-digit million USD amount" (one of Siemens’ largest investments in electrified transportation) plus a seat on the board. In this way, the German company has become the first external investor in Electrify America.
The Volkswagen Group, from which Electrify America originated, is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026.
According to the press release, Siemens' investment lays the groundwork for future collaboration between Siemens Smart Infrastructure and Electrify America on the technologies and services.
There are no details, but considering that Siemens is a major manufacturer of DC fast chargers, soon we might see more Siemens chargers at Electrify America stations.
Electrify America describes itself as the largest open ultra-fast electric vehicle charging network in North America. The company's website indicates 758 stations live plus 76 coming soon, with 2,537 CCS and 743 CCS-CHAdeMO plugs, as well as 116 AC Level 2 charging points.
The plan for the US and Canada (through Electrify Canada) is to have more than 1,800 charging stations with over 10,000 individual chargers by 2026.
In 2021, the company registered 1.45 million customer charging sessions (up 441% year-over-year from 268,000 in 2020).
Thomas Schmall, Volkswagen Group Board of Management member for Technology and CEO of Volkswagen Group Components emphasizes:
“With our recent investment, we confirm our commitment to keep growing in the Charging and Energy business. We are supporting eMobility in North America to more than double Electrify America's charging infrastructure to 1,800 sites and 10,000 ultra-fast chargers by 2026. Siemens' investment validates our electrification strategy to provide charging and energy solutions nationwide, and the company is a significant strategic technology and electrification partner for us on this route."