Siemens to Carve Out eMobility Electric Vehicle Charging Unit

By Dominic Chopping

Siemens said it would separate its electric vehicle charging unit to create an independent business that is more agile and better positioned to capitalize on opportunities in the fast-growing market.

The business, known as eMobility, provides hardware, software and electric vehicle charging infrastructure for public, residential, commercial and municipal customers. It offers charging technology and infrastructure as well as planning and implementing grid connections.

"The carve out of Siemens eMobility, which today has a strong technological core and portfolio, will give the business entrepreneurial freedom to transform into a more agile, focused and efficient market player," Siemens said in a statement.

The move will combine Siemens eMobility and Heliox--the Dutch eBus and eTruck fast charging solutions provider it acquired earlier this year--and will ensure readiness to pursue future partnerships, it said.

The global market for electric vehicle chargers is expected to reach $79.7 billion by 2030, from $12.4 billion in 2023, according to a report from market research provider Research and Markets.

Market growth is expected to be driven by the increasing adoption of electric vehicles globally, government incentives, improved efficiency and convenience of chargers as well as the integration of renewable energy sources with EV chargers, the report noted.

The eMobility business has production and research and development sites in Germany, Portugal, the U.S., India and the Netherlands.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 23, 2024 04:06 ET (08:06 GMT)

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