One Of America's Biggest Electric Car Charging Networks Just Got A Huge Boost

As the use of electric vehicles continues to grow, so does the need for increased availability of fast charging stations and infrastructure. Luckily, a handful of companies are driving that vision forward. One is Electrify America, which happens to be among the most extensive networks of ultra-fast EV charging stations. The company has been around since 2017 and has fast EV charging stations spread out in various parts of the country. Currently, the network consists of 800 stations with 3,500 ultra chargers, but Electrify America said last summer that it wants to more than double those numbers to 1,800 charging stations and more than 10,000 chargers by 2026. It also hopes to expand to 49 U.S. states and Washington DC by then.

Charging infrastructure remains one of the key elements in getting consumers to transition from traditional gas-powered vehicles to electric EVs — in fact, many potential buyers cite concerns about charging station availability as one of the biggest reasons they hesitate to make the switch. While installing home chargers is an option, it's expensive and doesn't solve the problem of needing accessible fast chargers when traveling. That's something Electrify America addresses with its charging network, which has just received a huge investment.

Electrify America gets its first external investor

Electrify America has announced a "low triple-digit million USD" investment from Siemens, which now owns a minority stake in the company, according to a press release. According to Electrify America, it raised a total of $450 million in equity investments, and the money is earmarked to help bolster the aforementioned network expansion first announced in the summer of 2021. In addition to gaining its minority stake, Electrify America indicates it will collaborate with Siemens' Smart Infrastructure business on tech and services related to its EV charging initiative, noting that this investment "lays the groundwork" for such future partnerships.

In addition to selling the minority stake to its first external investor, parent company Volkswagen has also revealed that it will go beyond its $2 billion capital investment commitment in its Electrify America subsidiary. This boost will run through 2026, with the company citing multiple reasons for the decision, including what it says is "significant momentum [and] accelerated growth."