Volkswagen is reportedly considering a public listing for its energy and charging division, including its battery business PowerCo, following the successful initial public offering (IPO) of Porsche last year. The move is said to be part of a training program led by CEO Oliver Blume and the results of the potential listings will be presented to investors at a capital markets day later in the year.
The CEO of Volkswagen’s energy and charging division, Elke Temme, stated in an interview with Reuters that electric vehicles (EVs) have the potential to smooth out fluctuations in electricity prices by serving as temporary storage for surplus green energy on the grid. However, Temme emphasized the need for regulatory frameworks to be put in place before this can be achieved.
Elke Temme is responsible for consolidating the company’s power-related initiatives, such as procuring energy, providing home and road charging options for EV customers, and supplying all necessary electricity. The goal of these efforts, according to reports, is to establish a sustainable business model for the long term.
In October of last year, Porsche held an initial public offering (IPO) at a price of €82.50 per share. As part of the listing, Volkswagen Group sold 12.5% of Porsche’s non-voting shares, raising €9.4 billion. These funds will aid the Volkswagen Group in accelerating its efforts to electrify its vehicles.
