Orrick advised IONITY, Europe's leading high-power charging network, on a €700 million investment from its current shareholders and new partner BlackRock Global Renewable Power Platform.
BlackRock’s Global Renewable Power Platform is the first non-OEM to join IONITY’s shareholders, including BMW Group, Ford Motor Company, Hyundai Motor Group with KIA, Mercedes-Benz AG and Volkswagen Group with Audi and Porsche.
The investment will drive IONITY's growth and network expansion plans across Europe, while improving the customer charging experience. It will enable IONITY to increase the number of high-power 350kW charging points – by more than four times – to 7,000 by 2025. The new charging points will be situated not only on motorways, but also near major cities and along busy trunk roads.
The transaction is subject to approval from merger authorities.
IONITY was advised by an Orrick team led by Munich-based partner Thomas Schmid, who regularly advises on large-volume international corporate transactions, particularly in the tech sector.
The Orrick team further included partners Christoph Brenner, Christine Kaniak-Hockel, Lars Mesenbrink and Stefan Schultes-Schnitzlein, senior associate Verena Schwarz, managing associate Robert Weinhold and associates Stefan Riedl, Alexandra Marchl, Viktor Philip Kolberg and Julia Fabian.