Monday, August 9, 2021
Eni to acquire BE Power to expand electric vehicle charging offering in Italy and EuropeInvestment Activity
Three Hills Capital Partners (“THCP”) is pleased to announce that its portfolio company Building Energy (“BE”), has agreed to sell 100% of its electric vehicle charging subsidiary Be Power to Eni, the Italian multinational oil and gas company, for an undisclosed sum. The sale is subject to limited closing conditions including antitrust and anticipated to complete in October 2021. Upon completion, the transaction will generate total gross returns for THCP of over 2x invested capital for the entire BE investment.
Be Power, through its subsidiary Be Charge, is the second largest Italian operator in the electric vehicle charging space. Founded in 2018, Be Power has grown rapidly, adding strategic partnerships with the likes of Carrefour, Autogrill and Porsche. Be Power owns the Be Charge branded infrastructure installed on both public and private land with the relevant concessions, as well as manages its own charging stations and those of other operators, through a proprietary technology platform and dedicated app.
Be Power represents an attractive strategic addition for Eni, as the mobility market is set to experience a steady increase in the number of electric vehicles in Italy and wider Europe over the coming years. The acquisition will allow Eni 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.
Mauro Moretti, THCP Founder and Chairman of the Investment Committee, commented: “We are proud to have created through our portfolio company Building Energy the largest privately held business in the EV charging sector in Italy, reinforcing our commitment to energy transition and sustainability trends across Europe. This follows our investments in Aquafil, Recycling Lives and ACT in circular economy and ESG led businesses; a commitment we expect to increase in the coming years through both THCP and our umbrella company, Atypical Partner.”