Enel S.p.A. (ONRE) has inked a strategic collaboration with Be Charge and Eni to make it easy for electric car owners to recharge their cars. Consequently, drivers in Italy will gain access to about 20,000 charging points using the infrastructure of the three companies. ONRE shares rose 0.32% to close at €6.84 on December 22.
Enel is a diversified energy company specializing in electric generation, electric networks, and gas. Its operations are mostly concentrated in Italy, Spain, and Latin America. Enel’s earnings report for Q4 2021 is scheduled for March 24, 2022.
Be Charge specializes in the deployment of charging infrastructure. Eni gas e Luce recently acquired the Be Power SpA Group company.
Enhancing e-Mobility
Enel comes into the collaboration with over 13,000 charging points, affirming its edge as the largest operator of public charging infrastructure. Be Charge is also a great addition to the pact as the second-largest player in Italy. The companies join other EV car companies seeking to enhance EV mobility by making charging stations readily available.
The pact should allow EV drivers to easily access charging infrastructure, given their widespread presence in major cities. The companies have also committed to an investment plan to spread e-mobility by installing more high-powered charging stations.
The partnership is also expected to enhance interoperability between various charging networks. Consequently, customers will be able to access services from their smartphones while leveraging the three companies’ mobile apps.
The strategic collaboration aligns with Enel’s strategy of enhancing mobility in the future. The company has been enhancing its service station’s mobility points as it seeks to offer ultra-fast charging. It intends to install more than 1,000 charging stations in Italy and abroad by 2025.
Stock Rating
Last month, Societe Generale analyst Lueder Schumacher reiterated a Buy rating on Eni stock with a €9.90 price target, implying 44.67% upside potential to current levels.
Consensus among analysts is a Strong Buy based on 8 Buys and 2 Holds. The average Enel price target of €9.02 implies 31.81% upside potential to current levels.
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