Ionity, a European high power charging ( HPC ) network provider for electric vehicles, has signed a €600 million ( US$674.83 million ) loan to support its next phase of growth.

The loan transaction is the largest ever in the European charging industry.

The lenders are ABN AMRO Bank, BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank, KfW IPEX-Bank, Landesbank Baden-Württemberg, the German branch of MUFG Bank ( Europe ), Norddeutsche Landesbank Girozentrale, and Rabobank.

The financing comprises an initial €450 million in committed green loan facilities, and a €150 million accordion facility. Clifford Chance advised the lenders.

Ionity is a joint venture of BMW Group, Ford Motor, Hyundai Motor, Mercedes-Benz, Kia, and Volkswagen Group ( including Audi and Porsche ), with BlackRock's Climate Infrastructure Platform as a financial investor.

The company provides services for all electric vehicles of any brand across 24 countries in Europe. The financing supports its next phase of growth, which will focus on expanding and enhancing charging stations on highways and in urban hubs, particularly in Germany, France, Sweden and the United Kingdom. Ionity provides 100% renewable energy throughout its entire network.

“A well-developed charging infrastructure independent of national borders is the basis for the comprehensive electrification of cars,” comments Aida Welker, a management board member of KfW IPEX-Bank. “Therefore, we are glad to contribute to Ionity’s expansion both in Germany and in other European countries and support the transition towards decarbonization in the mobility sector.”