By Giulia Petroni 
 

Volkswagen AG said Tuesday that Siemens AG is becoming a minority shareholder in its U.S. electric-vehicle charge business, Electrify America, with a low triple-digit million dollar investment.

The German car maker said the two companies are investing $450 million in the business, valuing it at $2.45 billion. The deal was reported earlier on Tuesday by the Wall Street Journal.

"With our additional investment in Electrify America, we are giving e-mobility in North America a further boost and consistently grow our charging and energy business," said Thomas Schmall, chief executive officer of Volkswagen Group Components.

The car maker's aims to more than double Electrify America's charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026, Mr. Schmall said.

Siemens, which made the investment through its financing arm Siemens Financial Services, will hold a seat on the board of Electrify America.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

June 28, 2022 07:48 ET (11:48 GMT)

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