Just months after the Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law) was enacted by Congress and signed into law by President Joe Biden in November 2021, there are new developments in the private sector’s commitments to make electric vehicle charging more affordable and accessible in the United States. That law dedicated $7.5 billion to build a national network of EV chargers, enabling convenient and uniform charging at home, work, and across the country.
On June 28, the White House announced a number of important private sector initiatives in the EV charging space. The largest of those is the announcement by Volkswagen Group that Volkswagen and Siemens, a global technology and electrification leader, are investing $450 million in Electrify America, a leading network of fast chargers, valuing Electrify America at $2.45 billion. The Siemens transaction marks the first outside investment in Electrify America since its founding by Volkswagen. These investments will support the more-than-doubling of Electrify America’s charging infrastructure to 10,000 ultra-fast chargers at 1,800 charging stations by 2026, more than the number of high-power chargers available in the United States today.
Lawyers in Sullivan & Cromwell’s Infrastructure practice and its Global Project Development & Finance practice are proud to have been closely involved in this important transaction.