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Eni forms a new entity specializing in environmentally sustainable transportation

GO NET ZERO ENERGY

Eni forms a new entity specializing in environmentally sustainable transportation

Eni SpA established a company, Eni Sustainable Mobility, specializing in environmentally sustainable transportation.

Source: Zack Research

The decision is part of Eni’s strategy to spin off specific operations into independent entities to obtain value from its wide range of industries. Eni will directly control the new entity.

Eni Sustainable Mobility will develop bio-refining and biomethane, and provide mobility products and services in Italy and abroad. Eni did not mention whether it would consider a listing or a partnership to develop the new entity.

Eni Bio-refinery in Venice (Eni gallery)

Eni holds 100% of Eni Sustainable Mobility’s share capital. By forming the new entity, Eni will integrate and unlock new value from its industrial projects, products, and services based on innovative technologies that will form a unique and decarbonized mobility offering.

Eni Sustainable Mobility will be the second move supporting Eni’s energy transition plans.

In 2021, Eni founded Plenitude to focus on renewable energy. Last year, the Italian company successfully listed Vaar Energy, a Norwegian oil and gas spinoff, as part of plans to enhance the value of its assets and free up resources to accelerate the clean energy transition.

The new entity will comprise a network of more than 5,000 sales points in Europe to market and distribute various energy carriers, including hydrogen, electricity, and fuels of organic origin. Eni’s Italy-based car-sharing service Enjoy will also be part of the new venture.

Eni is leading the energy transition. Eni pledged to become carbon-neutral by 2050 due to the growing urgency from investors and environmentalists to curb climate change. The leading integrated energy player is banking on rising energy production from renewable sources.

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