700 million euros for Ionity

Ionity wants to operate 7,000 charging stations for electric cars in Europe by 2025. Fresh capital is helping with this.

The joint venture Ionity has raised 700 million euros in capital. The capital came from the shareholders BMW, Ford, Hyundai, Mercedes-Benz and Volkswagen. BlackRock's Global Renewable Power Platform has also joined as a new partner.

"The trust and investments of all shareholders are accelerating Ionity's growth, the expansion of our high-power charging network throughout Europe and, last but not least, the decarbonization of the mobility sector," says CEO Michael Hajesch. Ionity aims to quadruple the number of charging stations to around 7,000 by 2025.

In addition to freeways, there will also be charging stations near major cities and on busy roads. To this end, the Munich-based company wants to buy land and build its own charging stations. The start-up wants to build more charging stations at the existing locations.

Ionity is a joint venture between BMW, Ford, Hyundai, Mercedes-Benz and Volkswagen and was founded in 2017. Drivers can charge their electric cars with electricity from renewable sources at more than 1,500 charging stations in 24 countries.