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Wednesday, January 13, 2021

Engie EPS and Fiat Chrysler Will Set Up E-Mobility Joint Venture

Fiat Chrysler and Engie EPS, which is the division of French utility Engie that focuses on microgrids and energy storage systems, will set up a joint venture in order to take advantage of an expected boom in electric mobility.

Fiat Chrysler and Engie EPS, which is the division of French utility Engie that focuses on microgrids and energy storage systems, will set up a joint venture in order to take advantage of an expected boom in electric mobility.

On Thursday afternoon, both companies announced they have signed a memorandum of understanding aimed at setting up the joint venture in the first quarter of next year. Shares in Engie EPS, which is being advised by Lazard on the deal, were trading 16.7 percent up in Paris after the announcement

Fiat Chrysler Chief Operating Officer for the EMEA region Pietro Gorlier, said that about 15 million electrified vehicles – full electric and hybrids – were expected in Europe in the year 2025, about 25 percent of the region’s total vehicles. “The market for services for electrified mobility will grow explosively in the coming years,” he said.

Engie EPS Chief Executive Carlalberto Guglielminotti said that consumers will spend at least $6.5 billion a year to recharge electrified vehicles in 2025. “Demand is not going to be a problem,” he said.

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