Siemens Becomes Minority Shareholder in Volkswagen's Electrify America
June 28 2022 - 8:03AM
Dow Jones News
By Giulia Petroni
Volkswagen AG said Tuesday that Siemens AG is becoming a
minority shareholder in its U.S. electric-vehicle charge business,
Electrify America, with a low triple-digit million dollar
investment.
The German car maker said the two companies are investing $450
million in the business, valuing it at $2.45 billion. The deal was
reported earlier on Tuesday by the Wall Street Journal.
"With our additional investment in Electrify America, we are
giving e-mobility in North America a further boost and consistently
grow our charging and energy business," said Thomas Schmall, chief
executive officer of Volkswagen Group Components.
The car maker's aims to more than double Electrify America's
charging infrastructure to 1,800 locations and 10,000 fast chargers
by 2026, Mr. Schmall said.
Siemens, which made the investment through its financing arm
Siemens Financial Services, will hold a seat on the board of
Electrify America.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
June 28, 2022 07:48 ET (11:48 GMT)
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