Detroit’s Ford-backed Ionity raises $788mln in BlackRock-led funding campaign

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Detroit’s Ford-backed Ionity raises $788mln in BlackRock-led funding campaign

On Wednesday, BlackRock Inc., the world’s largest asset manager having had $9.496 trillion worth of assets under its management, well above the annual GDPs (Gross Domestic Product) of all G20 nations combined as of mid-2021, had issued a statement saying that the New York-based investment management tycoon had amalgamated on an ongoing e-vehicle charging-frenzy, as the fund manager led the charges in a €700 million fundraising campaign in a Munich-based EV charging start-up Ionity, valuing the Ford-backed company at roughly €8 billion.

In point of fact, Ionity, a Munich-based JV of BMW Group, Ford Motor Co., Daimler AG alongside VW focused on creating a chain of high-power EV charging stations throughout the Europe aimed at facilitating long-distance travels, would capitalize on the fresh influx of capitals to accelerate constructions of a cascade of high-power charging sites, Ionity said in a statement shortly after the announcement.

Aside from that, Ionity, the four-year old EV charging network start-up, also had added in the statement that the latest leg of contributions from its existing stakeholders alongside BlackRock Inc., would allow the Munich-based EV venture to nearly quadruple its high-power 350KW charging points to 7,000 in about two and a half years, orchestrating a new roadmap for e-vehicles throughout the Europe as the continent along with EU continued to wrangle with a swathe of G20 nations which seem utterly reluctant on global impacts of climate changes.

Ionity raises €700 million in BlackRock-led funding round

Although, the Munich-headquartered JV had yet to disclose a detailed breakdown of its latest fundraising campaign, a press agency report had quoted unnamed sources familiar with the subject-matter as saying that BlackRock Inc had invested a whopping €500 million in Ionity while strengthening footmarks on a torrenting e-vehicle industry, the New York-based asset manager also held a significant scale of stakes in fossil-fuel giants.

Meanwhile, expressing a cautious optimism over Ionity’s move to build a network of high-power EV charging stations throughout Europe, BlackRock Inc Global Head of Renewable Power, David Giordano said following the statement, “Ionity really stood apart in terms of the maturity of the business and the sophistication of the existing partnerships”.