FRANKFURT : BlackRock, the world's largest money manager, has joined electric vehicle charging venture Ionity in a 700 million euro funding round, providing a much-needed cash injection to speed up construction of high-power loading sites.
Ionity did not provide a detailed breakdown of the funding round, in which existing investors Volkswagen, Daimler, BMW, Ford and Hyundai also participated. "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.
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.