What Happened: BlackRock, Inc. (NYSE:BLK), the world's largest fund manager, is joining Ionity, a consortium of automakers, to invest 700 million euros (about $785 million) to fuel growth and network expansion plans across Europe.

Ionity operates a high-power charging network in 24 European countries that is made available to drivers of all EV brands.

Blackrock is participating in the joint venture through its Global Renewable Power platform.

"IONITY is one of Europe's leading EV charging networks, bringing together auto industry pioneers to create a seamless experience for emission-free driving across Europe. We are delighted to be supporting their growth ambition and providing our clients with access to an innovative company that is powering the clean energy transition," said David Giordano, Global Head of Renewable Power at BlackRock.

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Why It's Important: The investment will increase the number of high-power 350kW charging points by more than four times to 7,000 by 2025, Ionity said. The new charging points will be situated not only on motorways, but also near major cities and along busy trunk roads. 

Ionity also noted that future locations will be built with a higher average of six to 12 charging points. Furthermore, existing sites along routes with high charging demand will be upgraded with additional charging points.

EU legislation mandates that most fossil fuel-powered cars should be replaced by EVs in the next 10 years. This calls for expansion of charging infrastructure that is powered by 100% renewable energy.

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