In a strategic move to sustain the growth path of both the European EV and the energy storage markets, StarCharge, the global market leader for EV charging and energy storage, has agreed to be in a full partnership deal with Schneider Electric, an industrial technology group famous for energy management, automation, and much more. The deal was penned on October 30, 2024; the move is based on a memorandum of understanding formed in early May this year. It should be expected that with this cooperation, European improvement of the development process for charging infrastructure on electric vehicles and new energy storage solutions will be carried forward.
It is a joint venture, combining StarCharge’s extensive experience in EV charging and energy storage technology with Schneider Electric’s deep knowledge of the European market and its strong energy management solutions. As part of this deal, both companies will concentrate on high-quality, scalable solutions for EV infrastructure and storage, both for the residential and commercial sectors.
Advanced energy offerings currently in the pipeline for photovoltaic inverters, AC and DC chargers, as well as integrated storage systems, will be targeted to the needs of the European market. More generally, this joint venture permits both companies to further push efforts toward meaningful contributions toward making energy more sustainable and toward the decarbonization of transportation, positioning both as leaders in the clean energy transition for Europe.
The company will be building on Schneider Electric’s global presence in more than 100 countries, while StarCharge’s experience and success with over 2 million installed EV chargers worldwide have proven the group’s capability to design highly reliable charging infrastructure. Thus, this partnership is to facilitate accessible, efficient, and sustainable EV charging and storage for the further growth of European EV adoption.
A major vote of confidence for the project, BNP Paribas will act as an exclusive financial advisor to StarCharge. The deal is conditional upon and subject to all the usual terms and conditions to closing, as well as regulatory approvals. Upon commercialization, the joint venture will focus on an important gap in the European market for localized, energy-efficient EV infrastructure that is complemented by existing green initiatives and meets the needs of prosumers, or both energy consumers and producers.
The StarCharge-Schneider Electric collaboration emphasizes the commitment to an even more low-carbon future that will be driven through innovative infrastructure and energy storage technologies, which will serve as the means to render energy solutions sustainable as well as impactful across the continent of Europe. As this demand for EVs becomes stronger, this collaboration has every possibility of playing center stage in the delivery of a more comprehensive charging and energy solution necessary for a more effective, clean, and resilient ecosystem of energy.
Source: PTI