IONNA Company Profile

Background

IONNA is a joint venture established in February 2024 by eight leading automakers: BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, Stellantis, and Toyota. The company's mission is to develop and operate a high-powered electric vehicle (EV) charging network across North America, aiming to enhance the EV ownership experience and accelerate the adoption of electric mobility. IONNA's vision is to create a seamless, reliable, and accessible charging infrastructure that supports the growing demand for EVs and contributes to a sustainable future.

Key Strategic Focus

IONNA's strategic objectives include:

Deployment of High-Powered Charging Stations: The company plans to install a minimum of 30,000 high-powered charging stations strategically positioned throughout North America by 2030.

Enhanced Customer Experience: IONNA aims to provide a seamless, vehicle-integrated charging experience by offering amenities such as restrooms, food services, and retail operations at or near charging locations.

Technological Integration: The network will support both North American Charging Standard (NACS) and Combined Charging System (CCS) connectors, ensuring compatibility with a wide range of EVs.

Sustainability Commitment: IONNA intends to power its charging stations with renewable energy sources, aligning with the sustainability strategies of its founding automakers.

Financials and Funding

As a joint venture backed by eight major automakers, IONNA benefits from substantial financial support and resources. The company has committed to investing over $10 million in establishing its global headquarters in Durham, North Carolina, which is expected to create more than 200 jobs. Additionally, IONNA has received regulatory approvals to commence operations and is leveraging the combined quality, reliability, and resources of its founding companies to fund the deployment of its charging network.

Pipeline Development

IONNA has made significant progress in developing its charging network:

Initial Deployments: The first 12 "Rechargeries" are now open, providing a total of 120 charging bays, with plans for 1,000 by the end of this year.

Expansion Plans: The company aims to deploy over 1,000 additional charging bays by the end of 2025, with a long-term goal of establishing more than 30,000 charging points by 2030.

Strategic Partnerships: IONNA has partnered with Sheetz, a chain of 24/7 convenience stores, to convert 50 truck stops into "Rechargeries" by the end of 2026.

Technological Platform and Innovation

IONNA distinguishes itself through several proprietary technologies and innovative approaches:

High-Powered Charging Infrastructure: The network features chargers capable of delivering up to 400 kW, supporting both NACS and CCS connectors, and designed to facilitate long-distance EV travel.

AI-Driven Retail Integration: Beginning in Q1 2025, IONNA will introduce AI-powered, checkout-free retail spaces at select charging locations, in collaboration with Amazon's "Just Walk Out" technology.

Seamless Vehicle Integration: The network will support Plug & Charge technology, enabling features like AI-driven smart reservations, optimized routing, and in-car payments, enhancing the overall user experience.

Leadership Team

IONNA's leadership comprises experienced professionals from the EV charging, automotive, and energy sectors:

Seth Cutler, Chief Executive Officer: Formerly Senior Vice President of Technical Operations at EV Connect and Chief Engineer at Electrify America, Cutler brings extensive experience in developing and implementing high-powered charging networks.

Derek Rush, Chief Financial Officer: Previously CFO of bp Pulse, Rush oversees all financial operations and strategies at IONNA.

Ricardo Stamatti, Chief Product Officer: Former Global SVP of Stellantis Energy, Stamatti drives the vision, strategy, and execution of IONNA’s product development and commercial efforts.

Shankar Muthukumar, Chief Operating Officer: With experience as General Manager of Mortenson's e-mobility division, Muthukumar manages all operational aspects of IONNA’s expanding network.

Leadership Changes

In June 2024, IONNA announced the appointment of Derek Rush as CFO, Ricardo Stamatti as CPO, and Shankar Muthukumar as COO, marking a significant step forward in building North America’s leading charging network.

Competitor Profile

Market Insights and Dynamics

The EV charging infrastructure market in North America is experiencing rapid growth, driven by increasing EV adoption and supportive government policies. The U.S. government has initiated funding for fast-charging stations, aiming to deploy 500,000 public charging ports by 2030.

Competitor Analysis

Key competitors in the North American EV charging market include:

Tesla Supercharger Network: With over 12,000 charging points, Tesla's network is known for its reliability and extensive coverage.

Electrify America: Operating approximately 4,000 charging points, Electrify America focuses on providing high-speed charging along major highways.

ChargePoint: A leading provider of EV charging solutions, offering a vast network of charging stations across North America.

Strategic Collaborations and Partnerships

IONNA has established significant partnerships to strengthen its market position:

Automaker Collaboration: The joint venture includes eight major automakers, pooling resources and expertise to develop a comprehensive charging network.

Retail Partnerships: Collaboration with Sheetz to integrate charging stations with convenience stores, enhancing customer experience.

Technology Integration: Partnership with Amazon to implement AI-driven, checkout-free retail spaces at charging locations.

Operational Insights

IONNA's strategic considerations include:

Market Positioning: By leveraging the combined strengths of its founding automakers, IONNA aims to establish a robust and reliable charging network that competes with existing providers.

Customer-Centric Approach: Focusing on enhancing the charging experience through amenities and technological integration to attract and retain customers.