This is a company you may be getting to know sooner rather than later. Electrify America, the largest network of fast-charging stations for EVs in North America, has received an investment influx of $450 million from Siemens, the European electronics giant, bringing Electrify America up to more than $2.45 billion in total market capitalization. As a result, Siemens will now occupy a seat on Electrify America’s board of directors. Electrify America plans to be operating a network of 1,800 charging sites and 10,000 ultra-fast charging systems by 2026.
In addition to the Siemens move, Volkswagen Group is boosting its capitalization of Electrify American beyond its initial investment of $2 billion. The end goal here is to significantly broaden the open availability of ultra-fast recharging points for the nation’s growing EV fleet, while reducing the driving public’s carbon footprint.