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Innogy to electric car business into separate company

Innogy logo for the company’s annual press conference in Essen, Germany, March 12, 2018. REUTERS/Wolfgang rattay

FRANKFURT (Reuters) – the German utility Innogy is to start it with the electric car industry in a stand-alone company, separate from its main business as an energy supplier.

“This pooling of our eMobility business is our response to the current challenges of an increasingly fast-growing market”, Innogy manager Martin Herrmann said in a statement Thursday.

The new company, Innogy eMobility Solutions, will cater to the automobile industry, charging point operators, fleet managers and energy providers looking for technologies for their electronic vehicle projects, including the recently acquired companies, BTC Power, and Recargo.

Reporting by Arno Schuetze; Editing by Mark Potter

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