[ad_1]
Volkswagen is reportedly seeking new investors in its Electrify America charging network. The new marks an interesting development that could significantly expand the third-largest fast-charging network in the United States
Reuters Volkswagen reports that Volkswagen is working with Citi and a co-investor to seek a potential new investor in Electrify America. The report alleges the company would like to inject an additional $ 1 billion into the billing company, an amount that could quickly narrow the list of potential investors. VW is said to be talking to infrastructure groups and other potential investors.
It appears that Volkswagen is aiming to create a charging consortium in the United States, similar to Ionity in Europe. The Ionity charging network is jointly owned by BMW, Ford, Hyundai and Volkswagen.
So far, Volkswagen and Electrify America have declined to comment on the report.
Electrify America actually stems from the Volkswagen dieselgate scandal. Part of its settlement with the Justice Department called for the company to invest $ 2 billion in charging infrastructure for zero-emission vehicles. This investment was in lieu of fines for cheating on diesel emissions testing.
Today, Electrify America operates 630 charging stations with more than 2,700 chargers across the United States.
[ad_2]
