Electrify America raises $450 million; Siemens becomes minority shareholder

(June 28, 2022) RESTON, VA.  — Electrify America has announced 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 dollar amount in Electrify America and now holds 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."

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.”