|Nov 12, 2020
Fiat Chrysler Automobiles and ENGIE EPS plan to join forces in a JV creating a leading company in the e-Mobility sector
- The two Companies join forces in order to move ahead into the new era of more sustainable mobility, offering innovative solutions and services and giving everyone easy and convenient access to electric mobility
- The Joint Venture will offer a full suite of products and solutions (such as charging infrastructure and green energy packages) to electric vehicle customers across Europe
- The new entity will be an Italian e-Mobility technology company, with access to a portfolio of more than a hundred patents, a strong team of electrical and system engineers, and an established automotive industrial footprint
Paris – Turin, 12 November 2020 – FCA Italy S.p.A. (“FCA”), a wholly-owned subsidiary of Fiat Chrysler Automobiles N.V., and ENGIE EPS, an Italian technology player in Energy Storage and e-Mobility, have entered into a Memorandum of Understanding aimed at creating a Joint Venture, to become a leader in the European e-Mobility landscape, which would rely on FCA’s financial resources and industrial footprint and on ENGIE EPS’ technological know-how and intellectual property portfolio. The two Companies join forces in order to move forward into the new era of a more sustainable mobility, offering innovative solutions and services to make access to electric mobility easy and convenient for everyone.
The newly created company would offer a full suite of products and solutions for electric vehicles customers such as residential, business and public charging infrastructures as well as green energy packages, enabling customers to charge at home and at any public charging point across Europe with a simple subscription at a fixed monthly rate.
A new Italian tech e-Mobility player, with access to a portfolio of hundreds of patents and industrial secrets, a solid team of electrical and system engineers, and a consolidated automotive industrial footprint would thus emerge. The Joint Venture would in fact benefit from the contribution of both parties in terms of intellectual property, human resources and financial assets, and would focus on innovative and disruptive solutions for the European e-Mobility market. The envisaged transaction would represent an important strategic step in the evolution of the two Groups’ product portfolios and would set a major step towards elimination of barriers to the e-Mobility transition in Europe.
“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,” said Mike Manley, Chief Executive Officer of Fiat Chrysler Automobiles. “The envisioned Joint Venture would allow an even higher commitment from both parties to expand the scope of the existing cooperation and further develop innovative products and services to enable and support a smooth shift to electric mobility in Europe”.
“Electrification represents an inevitable trend poised to disrupt urban mobility and – most of all – an unstoppable paradigm change of worldwide energy systems. The signing of this Memorandum of Understanding is a testament of the joint commitment aimed to accelerate this change by leading such a disruption towards a more sustainable future” commented Carlalberto Guglielminotti, Chief Executive Officer and General Manager ENGIE EPS. “Italy left a profound mark on history with its excellence in the automotive industry and in the development of innovative technologies in the energy sector. This Joint Venture is the opportunity to consolidate this heritage whilst shaping the road ahead for a greener mobility”.
The envisaged transaction will be subject to the standard conditions foreseen for this type of operation and all necessary communications and approvals from the competent authorities and institutions.
The two parties expect the signing of the full set of agreements1 by the end of the year, and the incorporation of the Joint Venture in the first quarter of 2021.
1 Based on the governance structure agreed it is expected that ENGIE EPS will fully consolidate the new entity.