Reston, Virginia electric vehicle charging company Electrify America just landed one of the biggest funding rounds of 2022.
The NoVa company raised $450 million in equity investments led by Siemens Financial Services, which puts the company at a $2.45 billion valuation. Siemens, Electrify’s first external investor, said it invested a low triple-digit-million amount in the company and will now have a seat on its board.
Electrify America, which called itself “the largest open DC fast-charging network in the US” in a statement, is investing $2 billion over 10 years toward zero-emission vehicle infrastructure, access and education. The company also offers an app for users to check the status of their vehicle charge and locate a nearby charging station. Electrify America did not immediately respond to a request for comment on the raise’s impact.
With the funds, the company intends to support its growth plan for electric vehicle charges across North America. It will put the money toward new investments in charging and energy tech for public, residential and commercial areas. It also said that the funds indicate the viability of its goal to add 1,800 charging stations and over 10,000 ultra-fast chargers in both the US and Canada by 2026.
“Siemens’s expertise in electric vehicle charging infrastructure and technology is a natural complement to Electrify America as we lead the transition to an eMobility transportation system in North America,” said Giovanni Palazzo, president and CEO of Electrify America, in a statement. “We remain committed to our mission to rapidly expand ultra-fast and seamless charging to deliver a positive customer experience for electric vehicle owners both now and in the future.”
According to Electrify, this investment also means potential for additional collaboration with Siemens Smart Infrastructure for its charging stations. Volkswagen Group also said that it was upping its initial investment commitment of $2 billion through 2026, though it did not specify how much it would be adding.
Electrify isn’t the only EV and zero-carbon vehicle company to make waves in the DMV over the past few years. In 2019, the Maryland Public Service Commission authorized local utility companies to add 5,000 EV charging stations across the state. And over the past year, hydrogen charging company Ally Power and EV charging station locator HomeChargerHub have both made moves to increase the number of eco-friendly power sources available in the area.