Automobile

Volkswagen Reportedly Seeking Co-Investor in Electrify America

  • Volkswagen is shopping Electrify America to potential investors, searching to inject around $1 billion to the company, according to Reuters.
  • Electrify America is one of the main EV charging networks, competing with ChargePoint and Tesla’s exclusive Superchargers, and says it will have stations in 45 states by 2022.
  • Electrify America was founded in the wake of the Dieselgate scandal, when Volkswagen agreed to invest $2 billion into EV infrastructure as part of the settlement.

    After the Dieselgate emissions cheating scandal broke in 2015, Volkswagen set up Electrify America, an electric-vehicle charging network. Spending $2 billion on building and promoting the charging infrastructure in the U.S. was part of the automaker’s settlement with the U.S. government. Now Volkswagen is seeking to sell a stake in the EV charging company, according to recent report from Reuters.

    Reuters spoke with two sources close to the proceedings, who said that Volkswagen and Citi are working together to find a co-investor willing to pump around $1 billion into Electrify America. Volkswagen will apparently begin reaching out to possible investors soon. Volkswagen, Electrify America, and Citi all declined Reuters’ request for comment.

    Electrify America is an alternative to the exclusive Tesla Supercharger charging stations, which might soon open up to cars from other manufacturers, and ChargePoint, which is independently owned. The company currently has 635 stations across the United States with more than 2700 individual chargers, and it plans to boost those numbers to 800 stations and 3500 chargers by the end of the year. If Electrify America can meet that goal, it will have a presence in 45 states and will have established two cross-country EV charging paths.

    According to Reuters, both Renault and Shell are said to be interested in becoming major stakeholders in Ionity, a European charging network owned by BMW, Ford, Hyundai, and Volkswagen. Perhaps Volkswagen can try to turn one of those suitors into an investor for its American EV infrastructure platform.

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