Motoring: BlackRock joins e-car charging venture Ionity in $788 million funding round – Gulf Digital News

Motoring: BlackRock joins e-car charging venture Ionity in $788 million funding round – Gulf Digital News

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.