Eni, an energy business based in Italy, announced that it has founded a new firm specializing in environmentally friendly transportation.
This firm would create biomethane, refine biomaterials, and provide mobility goods and services both in Italy and overseas, Reuters reported.
The action is a part of Eni’s larger plan to spin off particular operations and develop them into stand-alone businesses in order to derive value from its vast range of industries.
The company founded Plenitude in 2021 to focus on renewable energy and Azule Energy in 2021 as a joint venture with bp to conduct oil and gas operations in Angola.
The Italian company successfully listed Vaar Energy, a Norwegian oil and gas spinoff, last year.
The organization claimed that Eni, which owns 100% of Eni Sustainable Mobility’s share capital, directly controls the company.
“Through this operation, we will integrate and unlock new value from our industrial initiatives, products and services based on innovative technologies that will form a unique and decarbonized mobility offering,” Eni Chief Executive Claudio Descalzi said in a statement.
Eni Sustainable Mobility will be the second lever supporting the group’s energy transition strategy together with Plenitude, Descalzi added.
The company will handle the construction of new projects, such as those at Livorno and Pengerang in Malaysia, and will include existing bio-refining and biomethane assets, such as the Venice and Gela bio-refineries.
In order to market and distribute a variety of energy carriers, including hydrogen and electricity, as well as fuels of organic origin like biomethane and HVO (hydrogenated vegetable oil), as well as other mobility products like bitumen, lubricants, and fuels, Eni Sustainable Mobility will also incorporate a network of over 5,000 sales points in Europe.