High-power electric vehicle charging network IONITY has announced a new €700 million investment.

The funding comes from the company’s current shareholders and new partner BlackRock.

The business said the money would be spent on driving its growth and network expansion plans across Europe.

The investment will enable IONITY to increase the number of 350kW charging points by more than four times to 7,000 by 2025.

The number of locations will also grow from 400 to over 1,000 along high traffic corridors across Europe.

The news comes days after the UK government announced that from 2022, all new homes and buildings in England will be required to install electric vehicle (EV) charge points. [link]

“The entry of BlackRock as a shareholder and the commitment of our current shareholders underline IONITY's attractiveness for investors and confirm the strength of our strategy,” said commented Dr Michael Hajesch, chief executive of IONITY. “The trust and investment of all shareholders will accelerate IONITY's growth, the expansion of our high-power charging network across Europe and more broadly, the decarbonisation of the mobility sector."

The new charging points will be located on motorways, along busy trunk roads, and near major cities. Future locations will be built with a higher average of six to twelve charging points.

Existing sites along routes with high charging demand will also be upgraded with additional charging points.

David Giordano, global head of renewable power at BlackRock said: “Electric vehicle charging infrastructure is vital to achieve a net zero future. IONITY is one of Europe’s leading EV charging networks, bringing together auto industry pioneers to create a seamless experience for emission-free driving across Europe. We are delighted to be supporting their growth ambition and providing our clients with access to an innovative company that is powering the clean energy transition."

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