Siemens to carve out EV charging business (updated)

ChargePoint Holdings

23/09/2024 11:14

(Adds background on EV charging industry, on Heliox)
       BERLIN, Sept 23 (Reuters) - Siemens  SIEGn.DE  plans to
carve out its electric vehicle (EV) charging business, Siemens
eMobility, to provide opportunities for growth in the
rapidly-evolving industry, the German conglomerate said on
Monday. 
    The carve-out will combine Siemens eMobility with recently
acquired DC fast-charging solutions specialist Heliox, said
Siemens.
    Across Europe, North America and Asia, the EV charging
sector has been undergoing rapid growth and consolidation, with
many charging companies bought up by big energy companies
including Shell  SHEL.L  and BP  BP.L  since 2017.  
    Heliox, focused on chargers for eBus fleets and eTrucks, has
competitors including ABB  ABBN.S , Sweden's Vattenfall and
ChargePoint  CHPT.N . 
        The acquisition of the Dutch company is targeted at
extending market reach primarily in Europe and North America,
Siemens said. 
    Speaking on Siemens' plans to further grow its EV charging
business, managing board member Matthias Rebellius said the
carve-out would "accelerate profitability by focusing on high
potential business segments and strategically relevant
geographies."

 (Reporting by Miranda Murray, Marleen Kaesebier, Paul Lienert,
Nick Carey; Editing by Rachel More)
 ((Miranda.Murray@thomsonreuters.com;))