The funding will help the company to increase the number of its high-power charging points to 7,000 by 2025 in the region
Ionity has secured €700m investment from its existing shareholders and BlackRock Global to expand its electric vehicle (EV) charging network in Europe.
The investment is expected to help the company to more than quadruple the number of its high-power charging points to 7,000 by 2025.
The new charging points are planned to be located on motorways, near major cities and busy trunk roads.
Ionity will also utilise the funding to upgrade existing sites that are located along routes with high charging demand with additional charging points.
Currently, the company operates over 1,500 charging points along European motorways in 24 countries.
Ionity CEO Michael Hajesch said: “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.”
As part of the new expansion plans, Ionity intends to acquire its own properties as well as build and operate its own service stations, based on the location.
The company is expected to deploy six to 12 charging points at its future high-power charging stations.
In addition, its plans to enhance customer experience at its charging stations with its Oasis concept.
Ionity COO Marcus Groll said: “Our ‘Oasis’ concept shows what the charging experience of the future will look like.
“Whether it is covered charging stations or charging parks alongside cafés, restaurants, and shops, we want to offer our customers a more convenient and comfortable charging experience in the future.”
Founded in 2017, the company is a joint venture by BMW Group, Ford Motor Company, Hyundai Motor Group with KIA, Mercedes-Benz and Volkswagen Group with Audi and Porsche.
Headquartered in Munich, Ionity has an additional office in Oslo, Norway.
Ionity uses the European charging standard Combined Charging System (CCS) for its network, which is powered by 100% renewable energy.