Volkswagen and Siemens invest $450 million in Electrify America, North America’s largest public ultra-fast charging network for EVs

01. ID.4 – power consumption in kWh/100 km (NEDC): combined 14.8; CO2 emissions in g/km: 0; efficiency class: A+++ Copyright: Volkswagen AG

• $450 million equity investment supports Electrify America’s expansion plansin 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

(PRESS RELEASE) WOLFSBURG, 28-Jun-2022 — /EuropaWire/ — Volkswagen Group (ETR: VOW3), one of the world’s leading manufacturers of automobiles and commercial vehicles, and Siemens AG (ETR: SIE), a German multinational conglomerate and Europe’s largest industrial manufacturing company, have announced an investment of $450 million (~EUR 428 million) in Electrify America LLC, North America’s largest public ultra-fast charging network for EVs. The post-money valuation for Electrify America will stand at $2.45 billion and Siemens AG, through its investment arm Siemens Financial Services (SFS), will become a minority shareholder in the company securing 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.

Media contact:

Elena Storm
Spokesperson Charging and Energy | Volkswagen Group Technology
Tel. +49 (0) 152 01491259
elena.storm@volkswagen.de

SOURCE: Volkswagen AG