BlackRock is joining automakers including BMW car, Volkswagen and Ford as a shareholder of electric car charger group Ionity GmbH, contributing to a 700 million euro ($787 million) investment in the venture.
The group said in a statement Wednesday, overall revenue will quadruple Ionity’s high-power charging points in Europe to at least 7,000 points by 2025. The company did not specify a spending breakdown. between BlackRock and various automakers.
BlackRock’s Global Renewable Energy Platform will be the group’s first non-automotive member. Ionity, also includes Hyundai and Mercedes-Benz, founded in 2017 to help ease the worries of driving longer distances with tram.
The company currently operates more than 1,500 fast charging points with a capacity of 350 kilowatt-hours along motorways in Europe. Ionity says the new investment will help expand the network to construction sites near major cities and busy main roads, as well as improve the charging experience.
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