German utility Enercity, Compleo merge e-vehicle charging units as demands soar

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German utility Enercity, Compleo merge e-vehicle charging units as demands soar

In context of an off-putting shortage in e-vehicle charging units that makes long lines of e-vehicles awaiting charging slots a common conundrum, Hanover-based German power utility Enercity had issued a statement on Friday saying that it had sold off €34.8 million worth of shares of its e-vehicle charging arm Wallbe to Compleo Charging Solution, mostly aimed at creating a Wallbe-Compleo merger that in effect would act as an e-mobility charging infrastructure supplier.

In point of fact, latest decision from Enercity to create a merger between its e-vehicle charging arm alongside Compleo, came against the backdrop of a major policy change in the country to snap out coal-powered units by 2038, while major German power and utilities firms had reportedly set out plans to go carbon-neutral while pursuing other renewable energy sources.

Aside from that, Enercity Chief Executive Susanna Zapreva was quoted saying in a conference call with the reporters following the announcement that the Frankfurt-listed Compleo and Wallbe would have an annual turnover of €50 million and would tap into a high-growth e-vehicle market in EU, which was looking to wean itself off fossil-fuel generated power by 2050.

German utility Enercity, Compleo merge EV charging units

Meanwhile, adding that the two brands would continue to operate under separate names as early as by next fiscal year, Enercity Chief Zapreva said, “We are happy to retain a share of 2.5% in the merged entity.

We have strengthened our growing role in electricity and renewable energy infrastructure, services and customer solutions”. Aside from that, adding that the Enercity move would secure its access to production capacities while offering an incomplex card payment mechanism at charging stations, Zapreva added that the merged entity would likely to meet with a mass-scale growth potential with more than 45,000 charging stations already delivered.

Hanover-based German utility firm Enercity’s 76 per cent stake is publicly-owned, while a local utility company, Thuega, holds the rest.