Fiat Chrysler and Engie conform to discovered a three way partnership for electrical mobility

© Reuters. FILE PHOTO: Fiat Chrysler unveils mild hybrid versions of its 500 and Panda models

MILAN (Reuters) – Fiat Chrysler and Engie EPS, a part of the French energy company Engie, which focuses on energy storage systems and microgrids, are planning to set up a joint venture to promote electric mobility, the two companies announced on Thursday.

The Italian division of Fiat Chrysler and Engie EPS, also based in Italy, have signed a memorandum of understanding establishing the joint venture, it said in a statement.

The new company will offer a full range of products and solutions, including charging infrastructure for private households, businesses and public institutions, as well as environmentally friendly energy packages for customers of electric vehicles across Europe.

Fiat Chrysler (FCA) launched the small electric car 500 and several hybrid models from Fiat, Jeep and Maserati this year to catch up with competitors in the race for green mobility.

In its five-year plan by the end of 2022, the FCA pledged to invest 9 billion euros ($ 11 billion) in electrification, totaling 45 billion euros, and to bring about 30 all-electric or hybrid electrified models to market.

Last year, the Italian-American automaker signed an agreement with Engie and the Italian utility company Enel (MI 🙂 to offer electric vehicle (EV) charging stations to customers.

"The planned joint venture would enable both parties to expand the scope of their existing cooperation and to further develop innovative products and services to enable and support a smooth transition to electric mobility in Europe," said FCA CEO Mike Manley.

The final contracts are expected to be signed this year and the joint venture is expected to be formed in the first quarter of 2021.

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