International. For Electrify America, the investment highlights the long-term growth and viability of plans to expand to 1,800 charging stations and more than 10,000 ultrafast chargers in the U.S. and Canada by 2026.
North America's largest open ultrafast electric vehicle charging network reported that it has raised $450 million in equity investments in the company. This has generated a valuation of the company of US$2.45 billion.
Siemens, through its financial arm Siemens Financial Services (SFS), will invest a low amount of millions of triple-digit dollars in Electrify America and will now hold a seat on the board. Siemens is the company's first external investor.
Siemens says the commitment aligns with its ongoing efforts to advance America's open and accessible electric vehicle charging infrastructure and broader decarbonization goals.
The investment also lays the foundation for future collaboration between Siemens Smart Infrastructure and Electrify America on technologies and services that will continue to build reliable, high-quality 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 highlighted Electrify America's significant momentum, accelerated growth and long-term value of its ultra-fast charging network.
"Siemens' investment validates our electrification strategy to deliver charging and power solutions across the country, and the company is an important strategic electrification and technology partner for us on this route," said Thomas Schmall, Volkswagen Group Chief Components Officer.
The investments will support Electrify America's accelerated growth plans through technological advancements in charging and power solutions in public, domestic and commercial offerings.
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