BlackRock’s Global Renewable Power platform is to become a shareholder in IONITY, investing a combined €700 million (£592 million) alongside IONITY’s existing shareholders.
This is to support the rapid growth of its electric vehicle (EV) network in Europe, with IONITY’s high-power 350kW charging points to more than quadruple to around 7,000 by 2025.
As it stands, IONITY operates 1,500 charging points along European motorways in 24 countries.
The new chargepoints are to be located not only on motorways, but also near major cities and along busy trunk roads, with future locations to be built with a higher average of six to twelve charging points.
Existing sites along routes with high charging demand are also to be upgraded with additional charging points.
In the UK, IONITY has a partnership with Extra Motorway Services for the rollout high-power charging across its motorway service stations, including the installation of six high-power chargers at the Extra Motorway Services’ area on the M25 in January.
The same month, IONITY placed an order of 324 350kW chargers from ABB to help expand its European network.
As part of the new network expansion, IONITY intends to increasingly acquire its own properties and - depending on the location - build and operate its own service stations.
Dr Michael Hajesch, CEO of IONITY, said: "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."
IONITY was set up in 2017 as a joint venture between BMW Group, Ford Motor Company, Mercedes-Benz AG, Volkswagen Group with Audi and Porsche, while Hyundai Motor Group with KIA joined as a strategic partner and shareholder in 2020.