Ionity has received €700 million ($784 million) in fresh investments to accelerate the expansion of its charging network throughout Europe.
The new investment comes from Ionity’s existing shareholders, as well as the BlackRock Global Renewable Power platform. The company will use the new funds to increase the number of its high-power 350 kW charging points by more than four times to 7,000 across Europe in 2024.
Ionity says its new charging points will be situated along motorways and near major cities with future locations to have an average of six to twelve charging points. Existing charging sites along popular routes will also be upgraded with additional charging points. Ionity currently has 1,500 charging points along European motorways in 24 countries.
“Electric vehicle charging infrastructure is vital to achieve a net zero future,” global head of renewable power at BlackRock, David Giodano, said in a statement. “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. 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.”
The company has also confirmed plans to acquire its own properties and build and operate its own service stations. It is also working on a new station concept dubbed ‘Oasis’ that will include cafes, restaurants, and shops.
Ionity was founded through a joint venture between BMW, Daimler, Ford, and Volkswagen, while in 2020, Hyundai also jumped onboard.