Ionity has announced a combined EUR700m (US$785m) investment from its current shareholders and new partner, BlackRock Global Renewable Power platform.

The investment will enable Ionity to increase the number of high-power 350kW charging points – by more than four times – to 7,000 by 2025.

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The new charging points will be situated on motorways, but also near major cities and along busy trunk roads. Future locations will be built with a higher average of six to twelve charging points.

Existing sites along routes with high charging demand will be upgraded with additional charging points.

The company now operates more than 1,500 charging points along European motorways in 24 countries. BlackRock is the first company from outside the automotive sector to be a shareholder in this joint venture through its Global Renewable Power platform.

The platform has invested directly in more than 300 projects globally, including onshore wind, offshore wind and solar photovoltaic projects.

“The entry of BlackRock as a shareholder and the commitment of our current shareholders underline Ionity’s attractiveness for investors and confirm the strength of our strategy,” said Ionity CEO, Michael Hajesch.

“The trust and investment of all shareholders will accelerate Ionity’s growth, the expansion of our high-power charging network across Europe and more broadly, the decarbonisation of the mobility sector.”

As part of the network expansion, Ionity plans to increasingly acquire its own properties and, depending on the location, build and operate its own service stations.

“Our ‘Oasis’ concept shows what the charging experience of the future will look like,” added Ionity COO, Marcus Groll.

“Whether it is covered charging stations or charging parks alongside cafés, restaurants and shops, we want to offer our customers a more convenient and comfortable charging experience in the future.”

The participation of the group is subject to regulatory approvals by the relevant authorities.