Repsol Acquires EV Charging Network, Energy Commercialization Services

   By Cristina Roca

Repsol SA (REP.MC) said Wednesday that it has acquired Ibil's charging network and energy commercialization services for electric vehicles in a move to strengthen its position in the electric-car charging market.

Following the agreement with Ibil, the Spanish energy company will have a public charging network of more than 230 points as well as the first two ultrafast charging facilities in the Iberian peninsula, it said.

"Once the operation is completed, Ibil...will transform its business model to focus on technological developments for mobility, sustainability, and the energy transition, and thus respond to the strong growth expected in these areas in the coming years," Repsol said.

Ibil is a Spanish company jointly created by Repsol and Ente Vasco de Energia, the energy agency of the Basque region in Spain. They will continue to hold 50% each in Ibil following the agreement, Repsol said. Financial details of the deal weren't disclosed.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

December 04, 2019 05:57 ET (10:57 GMT)

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