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. The JV would rely on FCA’s financial resources and industrial footprint and on ENGIE EPS’ technological know-how and intellectual property portfolio.
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.
The Joint Venture would 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 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.
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.—Mike Manley, CEO of Fiat Chrysler Automobiles
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.