Ionity, the Germany-headquartered electric vehicle (EV) charging network set up by a range of automotive manufacturers, raised €700m ($786m) today from its existing backers in addition to investment management firm BlackRock.
Founded in 2017 by carmakers BMW, Ford Motor Company, Mercedes-Benz, Volkswagen Group, Audi, Porsche, Hyundai Motor Group and its Kia subsidiary, Ionity oversees a range of EV charging stations spanning highways in 24 countries, facilitating long-range travel.
BlackRock took part in the round through its Global Renewable Power platform and the proceeds will be allocated to quadrupling the number of Ionity stations to some 7,000 by 2025 as the company looks to expand its presence to trunk roads and urban locations.
The funding will also be channelled into expanding some of the company’s existing stations from four chargers to between six and 12.
Ionity chief executive Michael Hajesch said: “The entry of BlackRock as a shareholder and the commitment of our current shareholders underline Ionity’s attractiveness for investors and confirm the strength of our strategy.
“The trust and investment of all shareholders will accelerate Ionity’s growth, the expansion of our high-power charging network across Europe and more broadly, the decarbonisation of the mobility sector.”
Photo courtesy of IONITY GmbH.
