RESTON, Va., June 28, 2022 /PRNewswire/ -- Electrify America LLC, the largest open ultra-fast electric vehicle charging network in North America, announced today it has raised $450 million of equity investments into the company at a post-money valuation of $2.45 billion.
Siemens, through its financing arm Siemens Financial Services (SFS), will invest a low triple-digit million USD amount in Electrify America and now hold a seat on the board. Siemens is the first external investor in Electrify America.
The commitment aligns with Siemens' continued efforts to advance open and accessible U.S. electric vehicle charging infrastructure and its broader goals of decarbonization. The investment also lays the groundwork for future collaboration between Siemens Smart Infrastructure and Electrify America on the technologies and services that will continue the build-out of high-quality, reliable charging solutions.
In addition, Volkswagen Group is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026. In making this incremental commitment, Volkswagen noted Electrify America's significant momentum, accelerated growth, and long-term value of its ultra-fast charging network.
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."
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The investments will support Electrify America's accelerated growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings. Specifically, in making the announcement, Electrify America said the investment highlights the long-term growth and viability of Electrify America's plans to expand to 1,800 charging stations and more than 10,000 ultra-fast chargers in the U.S. and Canada by 2026.
"Siemens' expertise in electric vehicle charging infrastructure and technology is a natural complement to Electrify America as we lead the transition to an eMobility transportation system in North America," said Giovanni Palazzo, president and CEO of Electrify America. "We remain committed to our mission to rapidly expand ultra-fast and seamless charging to deliver a positive customer experience for electric vehicle owners both now and in the future."
"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."
Electrify America LLC, the largest open DC fast charging network in the U.S., is investing $2 billion over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of ultra-fast community and highway corridor chargers that are convenient and reliable. Electrify America expects to have more than 1,800 total charging stations with over 10,000 chargers in the United States and Canada by 2026. During this period, the company will be expanding to 49 states and the District of Columbia, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.
Electrify America earned the 2020 and "2021 EV Charging Infrastructure Best-in-Test" award from umlaut, an infrastructure and benchmarking specialist, now part of Accenture, as published in Charged Electric Vehicles Magazine. Electrify America's Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs. For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.
Siemens Corporation is a subsidiary of Siemens AG, a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power. Siemens has been supporting the industries and creating the infrastructure forming the backbone of America's economy for more than 160 years, with more than 40,000 employees, 17,000 suppliers, and customers in all 50 states and Puerto Rico. In fiscal 2021, Siemens Group USA generated revenue of nearly $20 billion.
Siemens Financial Services (SFS) – the B2B financing arm of Siemens – provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitating the energy transition and enabling high-quality healthcare. Supporting the Siemens DEGREE framework, SFS is one of the leading providers in financing greenfield renewable projects. www.siemens.com/finance.
SOURCE Electrify America, LLC
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