Firm announces that BlackRock has become its latest investor, delivering a further boost to the charging network operators ambitious expansion plans
Electric vehicle (EV) charging network IONITY has raised €700m from existing shareholders and new investor BlackRock in support of its plans to install thousands more chargepoints across Europe, the company announced today.
The fast charging charging network, which is headquartered in Munich, is aiming to quadruple the number of 350kW fast charging points it operates across the continent to around 7,000 by 2025, with plans to install new charging points on busy trunk roads, motorway networks, and in major cities.
It said the funds would also go towards “improving the customer charging experience”, noting that it planned to add new charging points at existing sites and ensure future locations were built with a higher average of six to 12 charging points.
IONITY, which currently operates more than 1,500 high-power charging points along European motorways in 24 countries, said the plans would allow it to get ahead of soaring demand for EV charging as growing numbers of drivers ditch internal combustion engine vehicles.
As part of the network expansion, the firm is hoping to buy its own properties and in some cases build and operate its own service stations.
BlackRock’s Global Renewable Power platform has become the firm’s latest shareholder, IONITY announced today, joining a roster that includes BMW Group, Ford Motor Company, Hyundai Motor Group with Kia, Mercedes-Benz AG, and Volkswagen Group.
Dr Michael Hajesh, IONITY CEO, said BlackRock’s entry as a shareholder was testament to the strength of the firm’s strategy. “The trust and investment of all shareholders will accelerate IONITY’s growth, the expansion of our high-power charging network across Europe and more broadly, the decarbonisation of the mobility sector,” he said.
The BlackRock Global Renewable Power platform, which was launched in 2011, invests in a range of clean energy projects, including electric vehicle infrastructure, onshore and offshore wind, and solar farms.
David Giordano, global head of renewable power at BlackRock, said the investor was “delighted” to be supporting IONITY’s growth and providing its clients access to an “innovative company” driving the clean energy transition.
“Electric vehicle charging infrastructure is vital to achieve a net zero future,” he said. “IONITY is one of Europe’s leading EV charging networks, bringing together auto industry pioneers to create a seamless experience for emission free driving across Europe.”