Transportation

Electrify America raises $450M -- Siemens, Volkswagen invest

Image courtesy of Electrify America.

June 30, 2022

Electrify America LLC, the largest open electric vehicle charging network in North America, has raised $450 million of equity investments into the company at a post-money valuation of $2.45 billion, according to a press release.

Siemens, through its financing arm Siemens Financial Services, will invest a low triple-digit million amount in Electrify America and now hold a seat on the board. Siemens is the first external investor.

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 charging solutions.

In addition, Volkswagen Group is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026.