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

MILAN -- Fiat Chrysler Automobiles and Engie EPS, a division of French utility Engie that focuses on energy storage systems and microgrids, plan to set up a joint venture to boost electric mobility, the companies said on Thursday.

FCA and Engie EPS parent Engie signed an agreement in January to partner on new e-mobility solutions in 14 European countries to offer charging solutions for FCA vehicles.

FCA's Italian division and Engie EPS, which is also based in Italy, entered into a memorandum of understanding on Thursday aimed at setting up the joint venture in the first quarter of 2021, the two companies said.

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.

FCA launched the full-electric New 500 minicar and several Fiat, Jeep and Maserati plug-in 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 full-electric or plug-in hybrid models.

"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 CEO Mike Manley said.

Final deals are expected to be signed this year.