EV charging network venture Ionity bags USD 788 million from BlackRock
Author : Pankaj Singh | Published Date : 2021-11-26
- BlackRock is the first non-automotive shareholder to invest in Ionity.
- The funding will help in increasing the number of charging points in Europe to over 7000 by 2025.
BlackRock, a multinational investment manager, has recently joined electric vehicle (EV) charging network venture Ionity through a funding round worth USD 788 million. This investment will help accelerate the construction of high-power loading sites across Europe.
The funding, which also includes contributions from existing shareholders, will allow Ionity to increase the number of high-power 350-kilowatt charging points to over 7000 by 2025, which will be a more than a four-fold increase from the mere 1,500 points that are installed today.
Ionity did not provide a complete breakdown of the investment round, which also saw the participation of existing investors including Volkswagen, Ford, BMW, Daimler, and Hyundai.
For those unaware, Ionity was founded in 2017 to speed up the installation of charging stations along the motorways across Europe. It currently operates various EV charging points across 24 countries.
Michael Hajesch, the CEO of Ionity, mentioned that the mobility sector has predominately developed a keen interest in the EV charging network venture. He added that Ionity is now seeking new manufacturers for its hardware products, which are currently being only built by ABB and Australia's Tritium, as part of the expansion plan.
However, Hajesch further claimed that it was difficult to predict whether Ionity would seek an initial public offering (IPO) or an agreement with a special acquisition purpose company (SPAC), given the market's current dynamic development.
BlackRock, meanwhile, was likely to invest over USD 560 million in Ionity. It is worth noting here that BlackRock is the first non-automotive shareholder to invest in Ionity, emphasizing the increasing interest in the electric vehicle sector, which includes the production of cars as well as the development of the fundamental infrastructure.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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