The Italian division of Fiat Chrysler, a wholly-owned subsidiary of Stellantis, and Engie EPS, a division of French utility Engie that focuses on energy storage systems and microgrids, have formed a joint venture to tap the thriving electric mobility segment.
The new venture, in which FCA holds a slight majority, will offer a full range of services and solutions, business and public charging infrastructure as well as energy charging subscriptions and Vehicle-to-Grid (V2G) technologies across Europe.
The companies announced the signing of the full set of agreements, comprising the investment and shareholders’ agreement, to form the joint venture. These agreements have been implemented in the continuance of the Memorandum of Understanding announced on November 12, 2020.
Conclusion of the transaction is anticipated to occur in the imminent months, subject to customary conditions precedent, comprising clearance by the competent antitrust authorities.
In its 2018-2022 plan, FCA committed to invest EUR 9 billion in electrification out of a total investment of EUR 45 billion, and launch about 30 electrified models, either fully electric or hybrid.
The Italian-American carmaker in 2019 signed an agreement with Engie and Italian utility Enel to help offer customers charging points for its electric vehicles (EV).