Fiat Chrysler and Engie EPS agree to set up e-mobility joint venture (updated)

Nhoa SA

12/11/2020 12:11

(Adds Engie EPS share jump, deal adviser)
    MILAN, Nov 12 (Reuters) - Fiat Chrysler  FCHA.MI  and Engie
EPS  EPS.PA , a division of French utility Engie  ENGIE.PA  that
focuses on energy storage systems and microgrids, plan to set up
a joint venture to boost electric mobility, the two companies
said on Thursday.
    Fiat Chrysler's Italian division and Engie EPS, which is
also based in Italy, have entered into a memorandum of
understanding aimed at setting up the joint venture in the first
quarter of 2021, they said in a statement.   
    Shares in Engie EPS, which is being advised by Lazard on the
deal, were trading 13% higher in Paris at 1155 GMT following the
announcement.
    The new venture will offer a full range of products and
solutions, including residential, business and public charging
infrastructure as well as green energy packages for electric
vehicle customers across Europe, they said.
    Fiat Chrysler (FCA) launched the electric 500 small car and
several Fiat, Jeep and Maserati hybrid models this year in a bid
to catch up with rivals in the race for green mobility.
    In its five-year plan running to the end of 2022, FCA
pledged to invest 9 billion euros ($11 billion) in
electrification out of a total of 45 billion euros, and roll out
about 30 electrified models, either fully electric or hybrid.
    Last year, the Italian-American carmaker signed an agreement
with Engie and Italian utility Enel  ENEI.MI  to help offer
customers charging points for its electric vehicles (EV).
    "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," FCA Chief Executive Mike Manley said.
    Final deals are expected to be signed this year.
   ($1 = 0.8499 euros)

 (Reporting by Giulio Piovaccari; Editing by David Clarke)
 ((giulio.piovaccari@thomsonreuters.com; +39 02 6612 9743;
Reuters Messaging:
giulio.piovaccari.thomsonreuters.com@reuters.net))