Fiat Chrysler and Italian energy storage firm Engie EPS have signed a memorandum of understanding in a bid to create a joint venture and become leaders in the European e-mobility sector.
The plan is to rely on FCA’s massive financial resources and industrial footprint, combining these factors with Engie’s technological know-how and intellectual property portfolio – with access to more than a hundred patents.
The two parties expect to sign a full set of agreements by the end of this year, and to incorporate the new joint venture sometime in the first quarter of 2021.
Read Also: FCA, PSA Unveil Official ‘Stellantis’ Logo As Symbol Of Heritage
“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,” said FCA CEO Mike Manley.
“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,” he added.
The transaction will of course be subject to the standard conditions as per this type of operation, as well as all necessary communications and approvals from various authorities and institutions.
“Italy left a profound mark on history with its excellence in the automotive industry and in the development of innovative technologies in the energy sector. This Joint Venture is the opportunity to consolidate this heritage whilst shaping the road ahead for a greener mobility,” stated Engie CEO Carlalberto Guglielminotti.