Volkswagen Group (VW) and Siemens have announced plans to invest US$450m (£377m) in Electrify America, one of the the largest public ultra-fast charging networks for EVs in North America.
The investment values Electrify America at US$2.45bn (£2.05bn) and sees Siemens, through its financing arm Siemens Financial Services, become a minority shareholder in the company and hold a seat on the board.
Siemens is the first external investor in Electrify America, which has major expansion plans in the USA and Canada, through technological advancements in charging and energy solutions across public, home and commercial offerings.
Together, Siemens and VW plan to more than double Electrify America’s charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026.
Siemens will also make available its spectrum of AC and DC charging hardware, software and services to Electrify America.
