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€700m investment round announced by IONITY to enable rapid EV charging network expansion

IONITY, a European high-power charging network – open to drivers of all electric vehicle brands, and present in 24 countries – has announced a €700m investment round from new partner the BlackRock Global Renewable Power platform and its current shareholders.

This investment will drive IONITY’s growth and network expansion plans across Europe, while improving the customer charging experience.

It will enable IONITY to increase the number of high-power 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 be upgraded with additional charging points. These measures will enhance the customers’ charging experience and make sure that the IONITY network is prepared for the increasing demand for electric vehicle charging.

The electrification of the mobility sector is crucial to achieve increasingly urgent net zero targets. Since most fossil fuel-powered cars are to be replaced by electric vehicles in the next ten years in line with EU legislation, a massive expansion of charging infrastructure that is powered by 100% renewable energy is essential. Since 2017, IONITY has taken a leading role in this rapid transformation. The company now operates more than 1,500 charging points along European motorways in 24 countries.

IONITY was founded to play a significant role in shaping the future of mobility. BlackRock is the first company from outside the automotive sector to be a shareholder in this 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.

“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. 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” commented Dr Michael Hajesch, CEO of IONITY.

David Giordano, Global Head of Renewable Power at BlackRock commented: “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. 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.”