Siemens AG will invest over $100 million in Volkswagen‘s Electrify America unit, a move that makes it the first outside investor in the North American network of electric vehicle charging stations.
Including new funds from Volkswagen, the Electrify America unit would get a total injection of $450 million, according to the companies.
The partnership in Electrify America is part of a broader investment that Siemens is making in the electrification market, said John DeBoer, head of Siemens’ North American e-mobility unit.
Electrify America was founded by Volkswagen in 2017 with a 10-year, $2-billion investment commitment following the diesel emissions scandal.
The two companies did not mention the exact amount each is contributing to the recent investment. They only said that Siemens’ share is more than $100 million.