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    SIE   DE0007236101

SIEMENS AG

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Delayed Xetra  -  11:43 2022-08-18 am EDT
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Siemens - Volkswagen and Siemens invest in Electrify America's ambitious growth plan

06/29/2022 | 09:50am EDT

Wolfsburg - The Volkswagen Group and Siemens support the ambitious growth plans of Electrify America, LLC - the largest public ultra-fast charging network for electric vehicles from all vendors in North America.

Volkswagen together with Siemens, the leading global technology company, is investing $450 million, valuing Electrify America at $2.45 billion. Through its financing arm Siemens Financial Services (SFS), Siemens becomes a minority shareholder in Electrify America with a low triple-digit million USD investment and will hold a seat on the board.

With Siemens, Electrify America receive its first external investor as well as an important strategic technology partner. In line with Volkswagen's NEW AUTO strategy, this step consistently accelerates the comfort, quality and expansion of the public charging infrastructure in the U.S. and Canada.

Thomas Schmall, Volkswagen Group Board Member for Technology and CEO of Volkswagen Group Components emphasizes: 'With our additional investment in Electrify America, we are giving e- mobility in North America a further boost and consistently grow our charging and energy business. The plan is to more than double Electrify America's charging infrastructure to 1,800 locations and 10,000 fast chargers by 2026. Siemens' investment confirms our electrification strategy of making charging and energy solutions available nationwide - to customers of all EVs. With its expertise and portfolio, Siemens is an important strategic technology partner for us on this route.'

'Representing one of Siemens' largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and Canada,' said Veronika Bienert, CEO, Siemens Financial Services. 'Our unique ability to combine financial and technology know-how helps to fulfill Siemens' commitment to decarbonize key industries, accelerate the shift to sustainable mobility, and do so in a way that's accessible for all.'

The investments by Volkswagen and Siemens Financial Services represent a strategic partnership for Electrify America and Siemens: first, the capital investment will support Electrify America's accelerated growth plans through technological advancements in charging and energy solutions across public, home and commercial offerings. Second, Siemens' investment strengthens the commitment to future collaboration between Siemens and Electrify America on technologies and services that will drive the expansion of high-quality, reliable charging solutions. As a full-service provider of e-Mobility charging infrastructure, Siemens eMobility offers the full spectrum of state-of-the-art AC and DC charging hardware, software and services - from residential to commercial to depot applications.

NEW AUTO bundles Group activities on charging infrastructure and energy services

With the NEW AUTO strategy, the Volkswagen Group has made charging and energy its core business. Like no other car manufacturer, the company is investing in the development of an open fast-charging network worldwide. By 2025, around 45,000 High Power Charging (HPC) points are planned in Europe, China and the USA together with partners. The product range also includes the entire range of charging solutions for private customers and companies - from the company's own wallbox and flexible fast charging station to charging services and innovative, smart green electricity tariffs. In the next step, Volkswagen will anchor the electric car as a mobile power bank in the energy system creating additional added value for e-car customers.

The Volkswagen Group, with its headquarters in Wolfsburg, is one of the world's leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, Cupra, SKODA, Bentley, Lamborghini, Porsche, Ducati and Volkswagen Commercial Vehicles. The passenger car portfolio ranges from small cars all the way to luxury- class vehicles. Ducati offers motorcycles. In the light and heavy commercial vehicles sector, the products range from pick-ups to buses and heavy trucks. Every weekday, 672,800 employees around the globe are involved in vehicle-related services or work in other areas of business. The Volkswagen Group sells its vehicles in 153 countries.

In 2021, the total number of vehicles delivered to customers by the Group globally was 8.9 million (2020: 9.3 million). Group sales revenue in 2021 totaled EUR 250.2 billion (2020: EUR 222.9 billion). Earnings after tax in 2021 amounted to EUR 15.4 billion (2020: EUR 8.8 billion).

Electrify America LLC, the largest open DC fast charging network in the U.S., is investing $2 billion over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of ultra-fast community and highway corridor chargers that are convenient and reliable. Electrify America expects to have more than 1,800 total charging stations with over 10,000 chargers in the United States and Canada by 2026. During this period, the company will be expanding to 49 states and the District of Columbia, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.

Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.

In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of EUR62.3 billion and net income of EUR6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide.

Siemens Financial Services (SFS) - the B2B financing arm of Siemens - provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions - including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitating the energy transition and enabling high-quality healthcare.

Contact:

Elena Storm

Tel: +49-(5361)-9-989168

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 1.49% 110.26 Delayed Quote.-28.84%
SIEMENS ENERGY AG 0.46% 16.36 Delayed Quote.-27.59%
SIEMENS HEALTHINEERS AG -1.14% 50.24 Delayed Quote.-22.79%
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Financials
Sales 2022 69 955 M 70 912 M 70 912 M
Net income 2022 4 583 M 4 646 M 4 646 M
Net Debt 2022 37 324 M 37 834 M 37 834 M
P/E ratio 2022 20,8x
Yield 2022 3,77%
Capitalization 87 382 M 88 578 M 88 578 M
EV / Sales 2022 1,78x
EV / Sales 2023 1,67x
Nbr of Employees 308 000
Free-Float 88,4%
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Last Close Price 110,26 €
Average target price 149,69 €
Spread / Average Target 35,8%
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Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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