November 13 (SeeNews) – Italian-American automaker Fiat Chrysler (BIT:FCA) and Italy-based Engie EPS (EPA:EPS), the energy storage division of French utility Engie (EPA:ENGI), Thursday unveiled an agreement to set up a new joint venture dedicated to electric vehicles (EV) technology, related charging infrastructure and green energy packages.
FCA's Italian division and Engie EPS expect to sign firm agreements for the transaction by the end of 2020. The business is projected to be launched in the first quarter of 2021, following customary closing conditions and receipt of regulatory approvals. The financial details and respective stakes to be taken by the two companies were not clarified.
The new Italy-based joint venture will provide EV customers with residential, business and public charging infrastructures as well as green energy packages, based on a monthly subscription fee and enabling customers to charge at home and at any public charging point throughout Europe.
The new entity will rely on FCA's financial and industrial support as well as on EPS' intellectual property and technological capabilities, while contributing to a strategic evolution in both parties' product portfolios.
"The signing of this memorandum of understanding originates from a fruitful three-year cooperation between the two companies, which allowed the implementation of truly disruptive projects, such as the introduction of the exclusive FCA easyWallbox, an easy-to-use plug-and-play charging unit, the recently launched V2G Pilot Project and the innovative customer-oriented energy packages,” FCA CEO Mike Manley said.
The announcement comes as companies are ramping up their efforts to boost electric mobility services and infrastructure in Europe. On Thursday, French oil and gas major Total announced it has added another 2,000 EV charge points in Germany by acquiring Viessmann Group subsidiary Charging Solutions in a push to operate 150,000 charge points in Europe by 2025.
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