Electrify America on Tuesday introduced that it has raised $450 million, marking its first enlargement past the charging community’s authentic funding plan.
The complete features a “low triple-digit” quantity from German conglomerate Siemens, Electrify America mentioned in a press launch. The funding provides Siemens a seat on Electrify America’s board.
Siemens is the primary exterior investor in Electrify America, which was created with a $2 billion funding dedication from the Volkswagen Group as a part of the automaker’s diesel-emissions dishonest settlement with the federal authorities. Electrify America began drawing up its $2 billion plan in 2016, and VW’s funding dedication is ready to run by way of 2026.
Electrify America Jeep 4xe Charging Network
Electrify America initially targeted on road-trip DC quick charging, finishing its first cross-country route in 2020. It’s additionally supplemented the road-trip-oriented community with some city charging within the interim. The firm says it at present has 758 charging websites within the United States, with one other 76 scheduled to open quickly. It additionally claims to have 3,010 particular person DC quick chargers, plus 116 Level 2 AC connectors.
We first heard experiences of Electrify America in search of exterior traders final summer season, in a bid to scale up. Shortly after, it introduced a plan to double the community by 2025, with an enlargement into the higher Midwest. The firm now says it is going to use new investments for that enlargement. This is not the one current EV-related funding for Siemens, both; the corporate earlier this month invested in wi-fi charging tech.
The Electrify America community developed quickly below VW, however is exterior funding step one towards making it a viable long-term rival to Tesla’s community? We’ll have to attend and see.