Innogy to put electric vehicle business into separate company

Innogy to put electric vehicle business into separate company
Innogy logo before the company's annual news conference in Essen, Germany March 12, 2018. REUTERS/Wolfgang Rattay -
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FRANKFURT (Reuters) – German utility Innogy <IGY.DE> is putting its business serving the electric car industry into a standalone 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 on Thursday.

The new company, Innogy eMobility Solutions, will cater to the automotive industry, charge point operators, fleet operators and energy providers seeking technologies for their electronic vehicle projects, and will include the recently acquired firms BTC Power and Recargo.

(Reporting by Arno Schuetze; Editing by Mark Potter)

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