IONITY announces €700M investment to enable rapid EV charging network expansion and accelerated growth
IONITY, Europe's leading high-power charging network, open to drivers of all electric vehicle brands, and present in 24 countries, announced a combined €700-million investment from its current shareholders and new partner the BlackRock Global Renewable Power platform. This investment will drive IONITY’s growth and network expansion plans across Europe, while improving the customer charging experience.
The new money will enable IONITY to increase the number of high-power 350kW charging points by more than four times to 7,000 by 2025. The new charging points will be situated not only on motorways, but also near major cities and along busy trunk roads. Future locations will be built with a higher average of six to twelve charging points.
Furthermore, existing sites along routes with high charging demand will be upgraded with additional charging points. These measures will enhance the customers' charging experience and make sure that the IONITY network is prepared for the increasing demand for electric vehicle charging.
Because most fossil fuel-powered cars are to be replaced by electric vehicles in the next ten years in line with EU legislation, a massive expansion of charging infrastructure that is powered by 100% renewable energy is essential. Since 2017, IONITY has taken a leading role in this rapid transformation. The company now operates more than 1,500 charging points along European motorways in 24 countries.
IONITY was founded to play a significant role in shaping the future of mobility. 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 more than 300 projects globally, including onshore wind, offshore wind, and solar photovoltaic projects.
As part of the 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.—Dr Marcus Groll, COO at IONITY
IONITY was founded in 2017 and is a joint venture by BMW Group, Ford Motor Company, Hyundai Motor Group with KIA, Mercedes-Benz AG and Volkswagen Group with Audi and Porsche.