Volkswagen is reportedly looking for investors to buy a stake in their electric vehicle (EV) charging company Electrify America. The automaker wants to use the funds to expand their growing charging network across the US.
According to sources familiar with the discussions that spoke with Reuters, VW is looking to raise as much as $1 billion through the deal. The automaker is working with Citi to find potential investors, the process for which is expected to begin shortly.
Electrify America was born out of the now infamous Dieselgate emissions scandal. As part of the 2016 settlement, the German automaker agreed to spend $2 billion over 10 years to build an expansive EV charging network in the US.
Since the first station was built in 2018, Electrify America has expanded to 635 stations with 2,850 DC fast charging stalls.
Based on information in its most recent quarterly report, the company hopes to have 800 stations and 3,500 DC fast chargers operational by the end of the year.