After Funding Round From BlackRock, EV Charging Operator IONITY is Investing 700 Million Euros to Expand its Network in Europe to 7,000 Chargers by 2025
【Summary】Electric vehicle charging operator IONITY is investing 700 million euros to build a network of high powered chargers along highways in 24 European countries, with the goal of having an IONITY-branded EV charging station in place every 150 - 200 kilometers (60 to 124 miles). As part of the plans, IONITY plans to expand its network to include 1,000 charging sites by 2025.
One of Europe's biggest electric vehicle charging infrastructure operators plans to grow its charging network from 1,500 charging poles to 7,000 over the next four years to support the widespread adoption of EVs in Europe.
EV charging operator IONITY plans to build its network of high powered chargers along highways in 24 European countries, with the goal of having an IONITY-branded station in place every 150 - 200 kilometers (60 to 124 miles). It will allow EV drivers in EVs in Europe to travel anywhere that a gas or diesel powered vehicle can go without having to worry about finding convenient charging or running out of power.
IONITY was founded in 2017 and is a joint venture by BMW Group, Ford Motor Company, Hyundai Motor Group (including Kia), Mercedes-Benz and Volkswagen Group and its Audi and Porsche brands. The company is headquartered in Munich with an additional office in Oslo, Norway.
As part of the plans, IONITY plans to expand its network to include 1,000 charging sites by 2025. That's up from the 400 sites its operates currently. IONITY's existing charging sites average four charging points per location. But future chargers will include 8 to 12 points, which will help cut down wait times for customers, the company said.
The total investments in the expansion project is 7 million euros (US$783.6 million). The funds will come from IONITY stakeholders and from BlackRock's Global Renewable Power platform.
BlackRock is the first company from outside the automotive sector to be a shareholder in the IONITY joint venture through its Global Renewable Power platform. The platform has invested directly in over 300 projects globally, including onshore and offshore wind power and solar photovoltaic projects.
"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 decarbonization of the mobility sector," said Dr Michael Hajesch, CEO of IONITY.
IONITY expects that by 2030, 80% of all newly registered vehicles in Europe will be electric, therefore the company believes that the rollout of new EV charging infrastructure will be critical.
IONITY's EV charging network is open to drivers of all brands of EVs and is not exclusive like Tesla's supercharger network.
The European charging standard CCS (Combined Charging System) is used in all IONITY charging stations throughout Europe. With a market share of roughly 96%. IONITY offers both 150 kW and 350 kW chargers for rapid recharging for electric vehicles that accept the higher charging currents, such as the new Porsche Taycan selectric sedan.
As part of its expansion, IONITY also plans to acquire more of its own properties and build and operate its own service stations. IONITY also announced a new EV charging concept station called "OASIS", which is designed around a protected garden environment with trees and greenery.
IONITY says the goal of the OASIS charging sites is to "recharge drivers while they recharge their cars and to turn a necessary stop into a welcome break."
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
A Look at How Waymo’s Self-Driving Test Fleet Safely Traveled 2.7 Million Miles in San Francisco Last Year
Baidu & Geely’s New Smart Electric Vehicle Company JiDU Raises $400 Million in Series A Round
General Motors is Investing $7 Billion to Build EVs in Michigan, the Largest Manufacturing Commitment in the Company’s History
Connected Vehicle Software Platform Developer Sibros Raises $70 Million in Series B Funding Round
Ford’s Bronco Gets a High-Performance Makeover With the Launch of the 400+ HP ‘Raptor’ Edition
Honda Invests in Software Startup Helm.ai to Strengthen its Computer Vision and AI Development
Toyota-backed Startup Pony.ai Builds Autonomous Driving Computing Unit Built on the NVIDIA DRIVE Orin Processor
Mercedes-Benz to Partner With Luminar on LiDAR for Autonomous Driving
- Ford Motor Co Announces a 5-Year Agreement With Stripe for In-Vehicle Payment Processing
- Rivian Begins Delivering Amazon Vans With 201 Miles of Range
- New York City Places Order for 184 Ford Mustang Mach-E EVs
- Electric Truck Startup Bollinger Motors Exits the Passenger Vehicle Market, Will Focus on Commercial EVs Instead
- EV Startup Fisker Reveals the Production Version of its Ocean SUV at the LA Auto Show
- The World’s Largest BMW Plant By Volume in South Carolina Produces a Record Number of Vehicles in 2021, Including Plug-in Hybrids
- Here’s Why The Battery Pack of Tesla Model S Plaid is An Electrification Masterpiece
- Toyota-backed Autonomous Driving Developer Pony.ai Gets its Driverless Test Permit Suspended in California After Minor Accident
- Volvo Cars Shares Surge 22% After its $2.3 Billion IPO and Debut on the NASDAQ Stockholm
- StradVision and LG Electronics Develop an Augmented Reality Automotive Cockpit