Eni spins off biofuels and Enjoy car sharing: stock exchange target or new members

MILAN – The company’s corporate strategy continuesEniwhich has split its activities into sustainable mobility to more effectively implement “the energy transition path”, for which it aims at emission neutrality by 2050. The group, as it had already hinted in the past months, announces the birth of Eni Sustainable Mobility, the company dedicated to sustainable mobility that “vertically integrates the entire value chain that will develop biorefining, biomethane and the sale of products, services and solutions for mobility, in Italy and abroad, in a path that will see it evolve towards a multi-service and multi-energy society”, reads a note. This is a method of sharing, including the financial burdens, that the San Donato group has already applied to various businesses, including in the hydrocarbon extraction and production sector abroad, and which helps to free up resources to finance the efforts necessary to convert energy production from fossil sources to renewables, and spread their use.

From biorefineries to Enjoy and service stations

The biorefinery and biomethane businesses, which include the biorefineries of Venice and of It freezesand the development of new projects, currently under evaluation, at the refining sites a Leghorn it’s at Pengerang (Malaysia). Marketing and commercialization will also be part of it, “through a network of over 5,000 points of sale in Europe, of all energy vectors including hydrogen and electricity, fuels including those of a biological nature such asHvo (hydrogenated vegetable oil) and biomethane, as well as other products for mobility such as bitumen, lubricants and fuels”, continues the note released by Eni. Finally, they will flow into Eni Sustainable Mobility all services related to mobility such as Enjoy car sharing, catering and nearby shops in the area.

Listing or new partners, in the footsteps of Plenitude

According to Claudius Descalzimanaging director of Eni, “this new company represents the second strategic lever, to be added to plenitudeas part of our energy transition process for the reduction of type emissions Scope 3the most significant and difficult to eliminate since they are generated by customers through the use of the products”.

plenitude is the new commercial name with which, about a year ago, the past activities of Eni Gas and Luce were renamed and incorporated, together with the production of energy from renewable sources and their retail marketing. For plenitude a path of “enhancement” had begun, through listing or the entry of new industrial or financial minority shareholders, and a debut in Bag with a valuation of almost 10 billion euros; however, after the invasion of Ukraine and the crisis on the energy markets, the operation was postponed until better times. “Through Eni Sustainable Mobility we integrate and release new value from our industrial initiatives, products and services based on innovative technologies and which will constitute a unique and decarbonised offer for mobility”, added Descalzi.

Based on market conditions, the company now being launched could also target listing, or the entry of new shareholders willing to finance its independent development, in the coming year. As CEO of Eni Sustainable Mobility, which for now is 100% controlled by Eni, he was indicated Stefano Ballistaformer director of the sector Sustainable Mobility by Eni’s Energy Evolution.