Image credit: Ionity
IONITY, a Munich-based fast-charging network, announced that it has raised €700M in a fresh round of funding from new investor BlackRock Global Renewable Power and other existing investors.
Fund utilisation
The funds will enable IONITY to accelerate its growth and network expansion plans across Europe, while improving the customer charging experience.
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The capital will also allow IONITY to increase the number of high-power 350kW charging points – by more than four times – to 7,000 by 2025.
Dr. Michael Hajesch, CEO of IONITY, says, “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.”
As part of network expansion, IONITY plans to increasingly acquire its own properties and, depending on the location, build and operate its own service stations.
Furthermore, the company will take customer experience to a new level with its ‘Oasis’ concept.
“Our ‘Oasis’ concept shows what the charging experience of the future will look like. 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,” said Dr. Marcus Groll, COO of IONITY.
What issue does IONITY solve?
To achieve the net-zero target, electrification of the mobility sector is crucial. Since most fossil fuel-powered cars are to be replaced by electric vehicles in the next few years, an enormous charging infrastructure powered by 100 per cent renewable energy is crucial. This is where IONITY comes into play!
A joint venture
Founded in 2017, IONITY is a joint venture between BMW Group, Ford Motor Company, Hyundai Motor Group with KIA, Mercedes-Benz AG, and Volkswagen Group with Audi and Porsche.
The company builds and operates a High Power Charging (HPC) network along Europe’s highways with a charging capacity of up to 350 kW. Every IONITY charging station consists of an average of four charging points.
IONITY says the future locations will be built with a higher average of six to twelve charging points. The existing sites along routes with high charging demand will be upgraded with additional charging points.
Currently, the company employs 110 employees. IONITY is headquartered in Munich with an additional office in Oslo, Norway.
BlackRock Global Renewable Power
Based out of New York, BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors.
BlackRock is the first company from outside the automotive sector to be a shareholder in this joint venture through its Global Renewable Power platform.
The BlackRock Global Renewable Power platform has invested directly in over 300 projects globally, including onshore wind, offshore wind, and solar photovoltaic projects.
David Giordano, Global Head of Renewable Power at BlackRock, says, “Electric vehicle charging infrastructure is vital to achieving 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. We are delighted to be supporting their growth ambition and providing our clients with access to an innovative company that is powering the clean energy transition.”
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