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BlackRock and five automakers pour $787 million into Ionity charging network
BlackRock is joining automakers including BMW, Volkswagen and Ford as shareholders in electric-car charging consortium Ionity GmbH, contributing to a 700 million-euro ($787 million) investment in the venture.
The joint outlay will more than quadruple Ionity’s high-power charging points in Europe to at least 7,000 by 2025, the group said in a statement Wednesday. The company didn’t specify the spending split between BlackRock and different carmakers.
BlackRock’s Global Renewable Power platform will be the first non-automotive member of the consortium. Ionity, which also includes Hyundai and Mercedes-Benz, was set up in 2017 to help alleviate concerns over driving longer distances with electric vehicles.
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