German utility Enercity merges electric car charging units to meet growing demand (updated)
26/03/2021 14:02
(Adds details, context)
FRANKFURT, March 26 (Reuters) - The German city of Hanover's
power utility, Enercity, said on Friday it has bought vehicle
charging firm Compleo Charging Solutions COM.DE for 38.4
million euros ($45.25 million) and will merge it with its wallbe
unit to create an e-mobility charging infrastructure supplier.
A number of German utilities have set out plans to
decarbonise in the wake of the country's decision to wean itself
off coal-generated power by 2038 and pursue other renewable
energy sources.
Compleo, which is listed, and wallbe will have 50 million
euros' ($58.87 million) turnover and tap into growth in Germany
and Europe electric car ownership, Enercity's chief executive
Susanna Zapreva said in a call after financial results for 2020.
"We are happy to retain a share of 2.5% in the merged
entity," she said, adding the two brands would continue to
operate under their own names in the first year.
With 45,000 charging points already delivered and big growth
potential looming, the move would help secure access to
production capacities and knowledge in simplifying card payment
mechanisms at charging stations, Zapreva said.
"We have strenghtened our growing role in electricity and
renewable energy infrastructure, services and customer
solutions," she said.
Enercity is 76%-publicly owned and the remainder by local
utility holding company Thuega.
Enercity is commited to invest 1.5 billion euros in the
five-year period ending in 2025, among other objectives, to
prepare for exiting coal generation by 2030 and replace
conventional power provision with digitisation, fibre optics and
mobility.
It aims to double earnings before interest and taxes
(EBIT)to 220 million euros by 2025 compared with 2016.
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($1 = 0.8493 euros)
(Reporting by Vera Eckert, editing by Thomas Escritt and Louise
Heavens)
((vera.eckert@thomsonreuters.com; +49 30 2201 33654;
@EckertVera;))