Saturday, January 22, 2022

Ionity gets €700m to expand its charging network in Europe

Ionity will receive a 700-million-euro investment from its current shareholders and new partner Blackrocks Global Renewable Power Platform. The money will be used to massively expand the HPC network in Europe to around 1,000 locations by 2025.

Ionity mainly installed charging columns at existing service stations, in Germany as a partner of Tank& Rast.

“Whether it is covered charging stations or charging parks alongside cafés, restaurants, and shops, we want to offer our customers a more convenient and comfortable charging experience in the future.”

In addition, existing locations along highly frequented routes with a great need for charging infrastructure will be upgraded with additional charging stations. In the first phase, the locations were mostly planned with 4 to 6 charging stations. In doing so, Ionity says it not only aims to improve the charging experience for customers but also to prepare its own network for the increasing demand for charging infrastructure.

Another development in the company’s plans is that power-sharing, meaning that several charging points share a connection and the charging power is divided up when fully occupied, will probably not exist at Ionity in this second phase either. This means that every charging point – provided it functions correctly – can deliver the maximum specified charging power at any time. For Ionity, this should mean 350 kW.

This second expansion phase is made possible by the aforementioned 700 million euro investment. How much of this will be contributed by the existing shareholders Audi, BMW, Ford, Hyundai-Kia, Mercedes-Benz and Porsche and what amount Blackrock will invest as the first investor outside the car industry is not clear from Ionity’s announcement. In October, there were reports that Blackrock was planning to invest 500 million euros.

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“The entry of Blackrock as a future shareholder as well as the commitment of our current shareholders underline Ionity’s attractiveness for investors and impressively confirm the strength of our strategy,” says Ionity CEO Michael Hajesch. “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.”

David Giordano, Global Head of Renewable Power at Blackrock, justifies the investment with the importance of charging infrastructure. “Electric vehicle charging infrastructure is vital to achieve a net-zero future. IONITY is one of Europe’s leading EV charging networks, bringing together auto industry pioneers to create a seamless experience for emission–free driving across Europe,” Giordano said.

Jason Jeong, President of Kia Europe, adds:

“As we look towards the phasing out of new IC engine vehicles over the next ten years, it is essential that drivers have access to an expansive and reliable fast-charging infrastructure.”

Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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