Siemens invests in Electrify America as part of new funding round
Electrify America LLC has announced it has raised US$450 million (€441.55m) of equity investments into the company at a post-money valuation of $2.45 billion (€2.4bn).
Electrify America LLC, the largest open DC fast charging network in the US, is investing US$2bn over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will support the build-out of a nationwide network of ultra-fast community and highway corridor chargers that are “convenient and reliable”.
The organisation expects to have more than 1,800 total charging stations with over 10,000 chargers in the United States and Canada by 2026. During this period, the company will be expanding to 49 states and the District of Columbia, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.
As the first “external” investor in Electrify America, Siemens, through its financing arm Siemens Financial Services (SFS), is set to invest a “low triple-digit million USD” amount in Electrify America and will go on to hold a seat on the board.
The commitment aligns with Siemens’ continued efforts to advance open and accessible US electric vehicle charging infrastructure and its broader goals of decarbonisation. 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.
“With our recent investment, we confirm our commitment to keep growing in the Charging and Energy business,” Thomas Schmall, Volkswagen Group Board of Management member for Technology and CEO of Volkswagen Group Components said. “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.
“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.”
“Representing one of Siemens’ largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and Canada,” said Veronika Bienert, CEO, Siemens Financial Services. “Our unique ability to combine financial and technology know-how helps to fulfil Siemens’ commitment to decarbonise key industries, accelerate the shift to sustainable mobility, and do so in a way that’s accessible for all.”
Macerich boosts EV charging capacity at 12 properties through collaboration with Electrify America
Through their ongoing collaboration with Electrify America, Macerich, one of North America’s leading owners, operators and developers of major regional town centres, is adding public, ultra-fast electric vehicle (EV) charging stations at 12 properties in six states.
A longstanding real estate industry leader in sustainability, Macerich began installing EV charging stations in 2016 to advance dynamic, resilient regional town centers with the least environmental impact. The Company now counts over 330 charging stations across its portfolio of high-profile retail and mixed-use properties.
“Macerich’s collaboration with Electrify America helps us amplify our commitment to reduce climate impacts in our communities as part of our goal of achieving carbon neutrality by 2030,” said Macerich Vice President of Sustainability Jeff Bedell. “It’s our hope that these publicly available stations will elevate awareness of sustainable transportation and energize more drivers to make the switch.”
EV drivers visiting a Macerich station can pay by credit or debit card, or by using the Electrify America mobile app, which allows drivers to easily locate a station, initiate a charge and check charging session progress from their phones for a seamless experience from start to finish.
“To help electric vehicle drivers maximize their charging options while on the road, it’s important to have accessible stations where drivers want to be, near amenities like Macerich centers,” said Anthony Lambkin, senior director of operations at Electrify America. “By offering convenient ultra-fast charging stations where people are already gathering, we are meeting customers’ needs and helping build confidence in the electric future.”
EV charging stations at 12 Macerich properties include:
- New Jersey: Freehold Raceway Mall (Freehold)
- New York: Queens Center (New York City) and Green Acres Mall (Long Island)
- California: Broadway Plaza (Walnut Creek) and Fashion Fair (Fresno)
- Colorado: FlatIron Crossing (Broomfield) and Twenty Ninth Street (Boulder)
- Virginia: Tysons Corner Center (Northern Virginia, just outside Washington, D.C.)
- Illinois: Fashion Outlets of Chicago (Rosemont, just outside Chicago)
- California: Pacific View (Ventura)
- New Jersey: Deptford Mall (Deptford)
- New York: Fashion Outlets of Niagara Falls (Niagara Falls, New York) – coming soon