Ionna CEO: Charging Networks Must Turn a Profit or EVs Won't Make It

The idea of a nationwide charging network has long been framed as a public service, but the head of charging startup Ionna wants to reframe the conversation. Seth Cutler, who leads the joint venture backed by eight automakers, made it clear in a recent interview that the company operates with a commercial mandate, not a charitable one.

“Infrastructure has to be for-profit or it’ll never survive, and if it never survives, EVs will never survive,” Cutler said. He described a business that must eventually stand on its own, having so far relied on funding from BMW, Mercedes, General Motors, Honda, Hyundai, Kia, Stellantis, and Toyota, which joined a year after the others.

To get there, Ionna is pursuing multiple revenue streams. Beyond partnerships with convenience chains like Circle K, Wawa, Sheetz, and Casey’s, the company has quietly acquired land at dozens of locations. Some of those sites already feature company-operated buildings with vending machines, restrooms, and checkout technology. Cutler likened these holdings to seeds planted for future development, though he said the near-term priority remains charging and driver experience. He expects the extra monetization to arrive around 2027 or beyond.

For now, scale is the focus. Cutler aims to triple the network’s size this year, up from roughly 80 locations at the start of 2026. Ionna is not alone in challenging Tesla’s dominant Supercharger network, as Rivian continues expanding its own charging footprint. Tesla, meanwhile, reported adding more than 2,400 net new stalls recently, growing its network by 17 percent year-over-year while refining its Trip Planner and wait-time tools. Industry observers broadly agree that easing charger anxiety through greater availability is essential to EV adoption.