Siemens Plans to Invest in Volkswagen!
Photo Source: Volkswagen
The German giant Siemens AG is planning to invest over $100 million into Volkswagen AG’s Electrify America unit. This means that Siemens will become the first outside investor in North America’s network of electric vehicle charging stations. With the funds that are being given from its parent Volkswagen, the Electrify America unit in the States will be receiving a total injection of $450 million. This is an incredible opportunity, as Volkswagen has made it clear that they plan on keeping their promise to electrify their vehicles over the next few years.
Investment Plans
John DeBoer, head of the Siemens North American e-mobility unit said that the partnership with Electrify America is “part of a much larger investment that Siemens is making in the electrification market”. Electrify America was established in 2017 by Volkswagen along with a 10-year, $2-billion investment commitment. Siemens now, which is making an investment through its financing arm Siemens Financial Services, will be a minority investor with a seat on the Electrify America board. The two companies did not specify the amount each will contribute to the current investment, but did mention that Siemen’s share will be more than $100 million.
Giovanni Palazzo, CEO, and president of Electrify America mentioned in an interview that the company plans to double its charging infrastructure to 1,800 charging stations and continue building on it so that by 2026 there are more than 10,000 fast chargers available. Electrify America has charging partnerships for EVs with a wide variety of vehicle manufacturers outside of the Volkswagen group, which would add to the needed stations across the nation as electric vehicles continue to become more prominent. Siemens is also taking the time to invest in charging stations to keep up with the ever-changing automotive industry!
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