Siemens investing in Volkswagen’s Electrify America

Business

Siemens investing in Volkswagen's Electrify America

Written by:

June 29, 2022

Reading Time: 2 minutes

[ad_1]

Siemens investing in Volkswagen's Electrify America
Electrify America, an electric car charger producer, has opened a charging station Wednesday, Jan. 16, 2019, in Paducah, Ky. German engineering company Siemens is making an investment in Electrify America, a Volkswagen division that includes a network of electric vehicle charging stations in North America. Electrify America said Tuesday, June 28, 2022, that Siemens is its first outside investor and will have a board seat. Siemens will contribute a low triple-digit million dollar amount, with media reports pegging it at more than $100 million. Credit: Ellen O’Nan/The Paducah Sun via AP, File

The German industrial company Siemens will invest more than $100 million in a network of electric vehicle charging stations in North America operated by Volkswagen.

Siemens is the first outside investor in the project, Electrify America said Tuesday, and the company is being granted a seat on its board. The network in total has added $450 million in funding, which includes an increased capital investment from Volkswagen Group. Volkswagen originally committed to $2 billion through 2026.

The U.S. has a long way to go in adding infrastructure for electric vehicles, with states like California attempting to triple EV sales within four years.

Soaring gas prices have contributed to the push for adding more stations.

Thomas Schmall, Volkswagen Group board of management member for technology and CEO of Volkswagen Group Components, said in a prepared statement that plans are to more than double Electrify America’s charging infrastructure to 1,800 sites and 10,000 ultra-fast chargers by 2026.

Siemens investing in Volkswagen's Electrify America
A Electrify America Charging Station for electric vehicle is seen at Woodfield Village Green in Schaumburg, Ill., Friday, April 1, 2022. German engineering company Siemens is making an investment in Electrify America, a Volkswagen division that includes a network of electric vehicle charging stations in North America. Electrify America said Tuesday, June 28, 2022, that Siemens is its first outside investor and will have a board seat. Siemens will contribute a low triple-digit million dollar amount, with media reports pegging it at more than $100 million. (AP Photo/Nam Y. Huh, File

Electrify America to double EV charging stations by 2025

© 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Citation:
Siemens investing in Volkswagen’s Electrify America (2022, June 28)
retrieved 28 June 2022
from https://techxplore.com/news/2022-06-siemens-investing-volkswagen-electrify-america.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.



[ad_2]

Last modified: June 29, 2022

Variability in total cost of vehicle ownership across vehicle and user profiles Previous Story:
Variability in total cost of vehicle ownership across vehicle and user profiles
Google's new California offices bank on in-person work Next Story:
Google’s new California offices bank on in-person work

About the Author /

Amit Gupta is the Founder of Tech Magazine. He writes a personal blog and creative digital marketer with 5+ years of experience. He is also SEO Analyst on Four Tech digital Lab. Follow him on Facebook, Twitter.