Daily EV news · Global · 14 January 2026
EV Charging
Ares acquires 20 per cent stake in Eni Plenitude for €2 billion with structured debt backing
Ares Management has purchased a 20 per cent equity stake in Eni Plenitude, the Italian energy major's retail and renewables arm, in a €2 billion transaction supported by structured debt financing. Plenitude operates retail energy supply, renewable generation and EV charging infrastructure across Italy and international markets. The deal, reported by Leaders League, values the business and provides capital for expansion of its integrated energy platform.
Why it matters
Plenitude's charging network is a key part of its retail energy offer, and the €2 billion injection signals continued institutional appetite for vertically integrated energy and mobility platforms. Procurement teams tracking CPO consolidation and funding trends will note the structured finance model used to back a minority stake in a utility-backed charging operator.
Electric Vehicles
Volvo Cars closes Novo Energy battery cell venture after failing to find technology partner
Volvo Cars has shut down its battery cell manufacturing subsidiary Novo Energy, citing an inability to secure a technology partner. The Swedish carmaker had launched the unit to develop in-house cell production but will now rely on external suppliers for its electric vehicle battery needs. The closure marks a retreat from vertical integration in battery manufacturing amid broader industry consolidation.
Why it matters
The decision signals that even major OEMs face challenges in building independent cell production, potentially increasing reliance on established battery suppliers and affecting future procurement strategies. For charging infrastructure operators, this underscores the concentration risk in the battery supply chain that underpins the vehicles using their networks.