ANL 12.54 Decreased By ▼ -1.01 (-7.45%)
ASC 12.70 Decreased By ▼ -0.62 (-4.65%)
ASL 13.46 Decreased By ▼ -0.56 (-3.99%)
BOP 8.38 Increased By ▲ 0.02 (0.24%)
BYCO 5.96 Decreased By ▼ -0.18 (-2.93%)
FCCL 17.08 Decreased By ▼ -0.53 (-3.01%)
FFBL 24.05 Decreased By ▼ -0.85 (-3.41%)
FFL 9.97 Decreased By ▼ -0.28 (-2.73%)
FNEL 9.25 Decreased By ▼ -0.55 (-5.61%)
GGGL 14.00 Decreased By ▼ -1.30 (-8.5%)
GGL 27.05 Decreased By ▼ -2.45 (-8.31%)
HUMNL 5.73 Decreased By ▼ -0.17 (-2.88%)
JSCL 15.00 Decreased By ▼ -1.00 (-6.25%)
KAPCO 31.60 Decreased By ▼ -0.45 (-1.4%)
KEL 3.22 Increased By ▲ 0.05 (1.58%)
MDTL 2.09 Decreased By ▼ -0.12 (-5.43%)
MLCF 32.75 Decreased By ▼ -1.64 (-4.77%)
NETSOL 90.21 Decreased By ▼ -5.29 (-5.54%)
PACE 4.10 Decreased By ▼ -0.15 (-3.53%)
PAEL 20.51 Decreased By ▼ -0.92 (-4.29%)
PIBTL 7.25 Decreased By ▼ -0.35 (-4.61%)
POWER 6.39 Decreased By ▼ -0.21 (-3.18%)
PRL 11.95 Decreased By ▼ -0.74 (-5.83%)
PTC 8.80 Increased By ▲ 0.05 (0.57%)
SILK 1.17 Decreased By ▼ -0.08 (-6.4%)
SNGP 37.70 Decreased By ▼ -0.98 (-2.53%)
TELE 14.85 Decreased By ▼ -1.03 (-6.49%)
TRG 77.68 Decreased By ▼ -4.05 (-4.96%)
UNITY 22.90 Decreased By ▼ -0.80 (-3.38%)
WTL 2.03 Decreased By ▼ -0.02 (-0.98%)
BR100 4,381 Decreased By ▼ -20.35 (-0.46%)
BR30 16,863 Decreased By ▼ -630.48 (-3.6%)
KSE100 43,233 Decreased By ▼ -1.32 (-0%)
KSE30 16,718 Increased By ▲ 20.28 (0.12%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,761
824hr
Pakistan Cases
1,286,453
43124hr
0.98% positivity
Sindh
476,494
Punjab
443,379
Balochistan
33,491
Islamabad
107,848
KPK
180,254

FRANKFURT: BlackRock, the world's largest money manager, has joined electric vehicle charging (EV) venture Ionity in a 700 million euro ($788 million) funding round, providing a much-needed cash injection to speed up construction of high-power loading sites.

The investment, which also includes contributions from existing shareholders, will enable Ionity to more than quadruple the number of high-power 350 kilowatt charging points to 7,000 by 2025, Ionity said on Wednesday.

Ionity did not provide a detailed breakdown of the funding round, in which existing investors Volkswagen, Daimler, BMW, Ford and Hyundai also participated. Sources said last month that BlackRock alone was close to investing around 500 million euros in Ionity.

"Ionity really stood apart in terms of the maturity of the business and the sophistication of the existing partnerships," David Giordano, Global Head of Renewable Power at BlackRock, told Reuters.

Founded in 2017 to accelerate the installation of charging stations along European motorways, Ionity now operates more than 1,500 charging points in 24 countries.

BlackRock's investment in Ionity makes it the venture's first shareholder from outside the automotive industry, highlighting the growing interest in the EV sector, which not only covers production of cars but also vital infrastructure.

"It's the coupling of the energy and mobility sector in particular that makes it an attractive asset," Ionity CEO Michael Hajesch said.

He said that Ionity was likely to seek additional manufacturers for its hardware, which is so far mainly being built by ABB and Australia's Tritium, as part of the expansion plan.

Asked whether Ionity would pursue an initial public offering (IPO) or a deal with a special acquisition purpose company (SPAC), in its next growth phase, Hajesch said this was difficult to predict due to the market's dynamic development.

"And that's great. One has many options."

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.