Ionity lands €700 million investment from BlackRock, automakers to expand EV fast-charging network

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Ionity, an electric vehicle fast-charging charging network provider whose owners include Daimler AG and Volkswagen Group, has raised a €700 million ($783 million) investment from BlackRock Global and existing shareholders to expand its footprint across Europe. has done.

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The company, which was established in 2017, installs ultra-high speed EV charging stations. It was launched as a joint venture between a coalition of leading automakers which includes Hyundai Motor Group, Ford and BMW. This investment will allow Ionity to increase the number of charging points to 7,000 by 2025 – more than four times the 1,500 installed today.

The new charging stations will be located along highways and other major roads as well as near major cities. Ionity said in a statement that there will be six to 12 charging points at each location. The firm also plans to add more charging points to existing sites with high demand.

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Ionity’s planned expansion includes owning and operating full service stations for drivers to “recharge” their vehicles while they are charging. These stations, a concept he is calling “oasis”, resemble roadside resting places today.

BlackRock is the first non-automotive company to invest in Ionity through its Global Renewable Power equity investment vehicle. The investment management firm raised $4.8 billion for the fund in April, a sign that institutional investors are increasingly interested in decarbonization technologies.

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Its investment also reflects a growing certainty among powerful investment players in the upcoming electric revolution in transportation. So far, BlackRock has invested mostly in onshore and offshore wind, and solar-powered projects, so its interest in EV charging is noteworthy.

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