Volkswagen Sells Stake in Electrify America to Siemens

Volkswagen has agreed to promote a minority stake in its U.S. electric-vehicle charging enterprise to Siemens in a transaction that gives $450 million in new cash and values the charging community at $2.45 billion, the businesses stated Tuesday.

Bringing Siemens into Volkswagen’s Electrify America LLC generates extra funding to drive an enlargement of EV charging that goals to greater than double the number of charging stations that Electrify America operates throughout the U.S. and elements of Canada to 1,800 by 2026. Reston, Va.-based Electrify America additionally provides EV charging stations to be used at dwelling.