Eni acquires Be Power and expands electric charging services offering in Italy and Europe

Eni, through Eni gas e luce, today signed an agreement to acquire 100% of Be Power S.p.A., which through its subsidiary Be Charge is the second largest Italian operator with over 5 thousand electric vehicle charging points on public land. The transaction* marks a further step forward in Eni's energy transition strategy and commitment to achieve total decarbonisation of products and processes by 2050.

The mobility market is set to experience a steady increase in the number of electric vehicles on the road in Italy and Europe in the coming years. Within this context, the acquisition of Be Power will allow Eni gas e luce to become a primary operator of electric vehicle charging on public land, on private land with public access and in Eni service stations, in Italy and abroad.

Founded in 2018, Be Power owns the Be Charge branded charging infrastructures installed on public and private land and holds the relevant concessions. It also manages its own charging stations and those of other operators through a proprietary technology platform and provides charging services to drivers of electric vehicles on its own or third-party charging stations through a dedicated app.

"With the acquisition of Be Power, Eni takes a leadership position in a market at the heart of the European Union's energy transition strategy”, commented Claudio Descalzi, Eni's CEO. “The infrastructure and electric vehicle recharging services business further strengthens Eni gas e luce’s portfolio, which serves 10 million customers in 6 European countries. The company has a total renewable capacity of 9 GW, which includes installed capacity, capacity under construction and capacity to be developed in identified areas. We therefore continue on our path that will lead us to be a leader in the production and sale of fully decarbonised products".

As of July 1, 2021, Eni gas e luce has also updated its Articles of Association to become a Benefit Company, the first major Italian company in the energy sector to do so. Benefit Companies represent an evolution of the concept of a company, integrating the aim of having a positive impact on society and the environment alongside the objective of profit, in its corporate purpose. By becoming a Benefit Company, Eni gas e luce assumes a statutory commitment to balance the interests of its shareholders with those of the public and other stakeholders.

* _{The transaction will be finalized upon receipt of the authorizations from the relevant authorities.}