Electrify America LLC, the largest open ultra-fast electric vehicle charging network in North America, announced today it has raised $450 million of equity investments into the company at a post-money valuation of $2.45 billion.

Siemens, through its financing arm Siemens Financial Services (SFS), will invest a low triple-digit million USD amount in Electrify America and now hold a seat on the board. Siemens is the first external investor in Electrify America.

Siemens says the commitment aligns with its continued efforts to advance open and accessible U.S. electric vehicle charging infrastructure and its broader goals of decarbonization. The investment also lays the groundwork for future collaboration between Siemens Smart Infrastructure and Electrify America on the technologies and services that will continue the build-out of high-quality, reliable charging solutions.

In addition, Volkswagen Group is increasing its capital investment in Electrify America beyond its original commitment of $2 billion through 2026. In making this incremental commitment, Volkswagen noted Electrify America’s significant momentum, accelerated growth and long-term value of its ultra-fast charging network.

The investments will support Electrify America’s accelerated growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings. Specifically, in making the announcement, Electrify America said the investment highlights the long-term growth and viability of Electrify America’s plans to expand to 1,800 charging stations and more than 10,000 ultra-fast chargers in the U.S. and Canada by 2026.