According to sources at the company, this investment includes new funding from Volkswagen, the parent company of Electrify America, which will see the company receive a total injection of $450 million.
“Our partnership at Electrify America is part of a much larger investment that Siemens is making in the electrification market,” said John DeBoer, head of Siemens’ North America e-mobility unit.
Volkswagen founded Electrify America in 2017 with a 10-year investment of $2 billion. The German auto giant set up a charging network in the wake of the diesel emissions cheating scandal in 2015.
With the Siemens investment, the company will become a minority investor with a seat on the Electrify America board.
Giovanni Palazzo, President and CEO of Electrify America, aims to double its charging infrastructure to 1,800 charging stations and more than 10,000 fast chargers by 2026.
Electrify America is known to have charging partnerships with other electric vehicle manufacturers outside the Volkswagen Group, including Ford Motor Co, Hyundai/Kia, BMW, Mercedes-Benz, Geely, Volvo, Polestar and Lucid.
Previously, Siemens had invested in several electrification companies, including Swedish battery startup Northvolt and wireless charging startup WiTricity, as well as Electrify America’s competitor ChargePoint.