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BlackRock, Carmakers to Pour $787 Million Into Charging Network

  • Money manager joins Ionity electric-car charging consortium
  • Ionity fast-charging points to quadruple in Europe by 2025
A Volkswagen AG ID.3 electric automobile charges at an Ionity GmbH charging station at motorway service area in Samerberg, Germany.

A Volkswagen AG ID.3 electric automobile charges at an Ionity GmbH charging station at motorway service area in Samerberg, Germany.

Photographer: Andreas Gebert/Bloomberg
From

BlackRock Inc. is joining automakers including BMW AG, Volkswagen AG and Ford Motor Co. 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.