Renault interested in stake in VW-backed Ionity, report says

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FRANKFURT – Renault and Royal Dutch Shell are among the companies interested in taking a stake in the electric vehicle charging group Ionity, said two people familiar with the matter.

Ionity, owned by Volkswagen, Daimler, BMW and Ford, said in March it was exploring ways to expand its network of fast chargers across Europe, adding that additional shareholders were welcome.

Final offers for the 20-25% stake, valued at between 400 and 500 million euros ($ 475-594 million), are expected in July, one of the sources said. The sources asked not to be named because they are not authorized to speak to the press on the matter.

Shell and Renault, which is due to present its updated EV strategy on June 30, declined to comment.

Ionity was not immediately available for comment.

For Shell, a stake in Ionity would strengthen its plans to establish itself as a major player in the future electric vehicle charging network in Europe as the Anglo-Dutch company seeks to turn away from its century-old oil and gas business.

In 2017, Shell and Ionity signed an agreement to build fast charging stations in 10 European countries. Shell also owns NewMotion, one of the largest charging providers in Europe.

The expansion of electric vehicle charging infrastructure has been at the heart of the debate around the mass adoption of battery-powered cars in Germany, where range anxiety, or fear of being left without access to a socket , persists.

Ionity, whose shareholders also include Hyundai as well as the Volkswagen Porsche and Audi units, has 348 stations in service across the continent, with 45 more under construction.

With a capacity of up to 350 kilowatt hours, Ionity spots are among the best performing and can deliver a significant load for electric vehicles within minutes.


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