Wedoany.com Report-Oct 30 , Following the Memorandum of Understanding signed in May 2024, StarCharge, a global pioneer in EV charging and energy storage technology, and Schneider Electric, a global leader in energy management and automation, have signed a joint venture agreement aimed at driving innovation in the European electric vehicle (EV) and energy storage markets.

The joint venture will create a leading European prosumer company delivering EV charging infrastructure, photovoltaic inverters, AC and DC charger, and storage systems to the European market. This strategic partnership will combine the complementary strengths of StarCharge, with its recognized EV charging and energy storage technologies and production capability, and Schneider Electric, with its deep knowledge of the European market, extensive footprint and leading energy management solution technologies.

BNP Paribas are serving as the sole financial advisor to StarCharge. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.

StarCharge is a premium provider of comprehensive EV energy supply and storage solutions, with a global foot print spanning over 60 countries across six continents. With a commitment to a greener future, StarCharge has delivered 2 million EV chargers worldwide, leading the industry in sales volume over the past decade.

Schneider's purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.

Our mission is to be the trusted partner in Sustainability and Efficiency.

We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.

Litasco is now looking to distance itself from its Russian parent Lukoil, the second-biggest oil producer in Russia after state-controlled Rosneft, one source told Reuters. Others added that Litasco operates independently of its parent company.

Litasco is now looking to rebuild its oil and fuel trading business in North, Central, South Americas and the Caribbean, one of the sources said.

All three sources told Reuters that Litasco’s U.S.-based unit, Lukoil Pan Americas, does not trade in oil cargoes of Russian origin.

Apart from distancing itself from dealing in Russian oil, Litasco has already secured over $2 billion in open credit lines which will support its trades, according to the sources.

These credit lines put “the company in a solid financial position to re-activate the business which was virtually dormant for the past two years,” one source told Reuters.