Innogy, Germany's largest energy group by market value, will spend up to 1.2 billion euros ($1.4 billion) on e-mobility, photovoltaics and glass fibre networks by 2019.
Having been carved out from parent RWE and separately listed on the stock exchange last year, Innogy now focuses on gas and power networks, renewables and energy retail. RWE still holds a 76.8 percent stake.
It was said that the 1.2 billion euro figure is included in Innogy's existing investment plan, under which it will spend 6.5-7.0 billion euros in the 2017-2019 period.
Innogy invests in ECarSharing, which provides management services for electric car rental and fleet operators; and in 'Fresh Energy', a combination of 100% renewable tariffs, smart meter and smartphone application offered to consumers. Innogy is also working on a number of high-level network and infrastructure projects such as 'Designetz', a four-year joint research project in Germany.
INNOGY was founded in 2015 as an energy company in Essen, Germany. It is a subsidiary of the German energy company RWE. On 1 April 2016, the company was re-established as a separate entity, separating RWE's renewable, network and retail businesses. Car maker Daimler AG and its beneficiary RWE AG started to produce electric vehicles together and planned to build a charging station called "e-Mobility Berlin".