Ultra-rapid electric vehicle (EV) charging network IONITY has announced a combined €700 million investment from its current shareholders and recent partner the BlackRock Global Renewable Power platform.
The charging network, which is open to drivers of all EV brands, is currently present across 24 countries. The investment will help to drive IONITY’s growth and network expansion plans across Europe, while also aiming to improve the customer charging experience.
Indeed, the investment will enable IONITY to increase the number of ultra-rapid 350kW charging points – by more than four times – to 7,000 by 2025. The new charging points will be situated not only on motorways, but also near major cities and along busy trunk roads.
Future locations will be built with a higher average of six to twelve charging points. Furthermore, existing sites along routes with high charging demand will also be upgraded with additional charging points. These measures aim to enhance IONITY customers’ charging experience and ensure the IONITY network is prepared for the increasing demand for EV charging.
“The entry of BlackRock as a shareholder and the commitment of our current shareholders underline IONITY’s attractiveness for investors and confirm the strength of our strategy,” said Dr Michael Hajesch, CEO of IONITY.
“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.”
IONITY, which was founded to play a significant role in shaping the future of mobility, now operates more than 1,500 charging points along European motorways in 24 countries. In the UK, the network currently consists of around 80 ultra-rapid charging devices up and down the country.
In terms of the investment, BlackRock is the first company from outside the automotive sector to be a shareholder in IONITY’s joint venture, through its Global Renewable Power platform. The BlackRock Global Renewable Power platform has invested directly in over 300 projects globally, including onshore wind, offshore wind, and solar photovoltaic projects.
“Electric vehicle charging infrastructure is vital to achieve a net zero future. 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,” said David Giordano, Global Head of Renewable Power at BlackRock.
“We are delighted to be supporting their growth ambition and providing our clients with access to an innovative company that is powering the clean energy transition.”
As part of the network expansion, IONITY plans to acquire its own property and, depending on the location, build and operate its own service stations.
In November, IONITY celebrated the opening of a brand new charging location by providing free EV charging during the first weekend of COP26 to customers at its high-power Polmadie charging station, built to facilitate not only emissions-free but also carbon-neutral driving.