Volkswagen nearing agreement to sell Electrify America stake to Siemens

 Volkswagen is close to selling minority stake in its US EV charge business to an arm of Siemens AG, a deal which would value the network at over $2 billion, according to sources.

A stake sale in Volkswagen’s Electrify America LLC would generate additional financing as part of a strategy to more than double the number of EV charging stations that Electrify America operates across the US and parts of Canada to 1,800 by 2026. Electrify America, based in Reston, Virginia, also offers EV charging stations for use at home.

According to sources, Germany-based Siemens would invest in its Siemens Financial Services subsidiary. The deal would complement Siemens’s existing operations in the EV charging sector. In August 2021, the technology and engineering firm said it plans to expand its manufacturing operations in the US to make over 1 million EV chargers for that market over the next four years.

Bets on EV charging networks are supported by a doubling of EV auto sales in the US last year. However, that amount accounted for only a fraction of the US car market, highlighting the challenges charging infrastructure faces in generating sustainable profits. An analysis by consulting firm AlixPartners in 2020 showed that the average fast-charging station, charging market price from electricity, would take 20 to 25 years to pay off its initial investment.

Electrify America expects to invest $2 billion in its expansion in the coming years, partly funded by the Siemens investment.

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