Cuerva sells its electric mobility company, Cable Energía, to the multinational petroleum giant Shell
Shell España S.A. has acquired 100% of Cable Energía, the Spanish electric vehicle (EV) charging point operator, formerly a member of the Granada-based energy conglomerate Cuerva.
This acquisition will enable Shell to expand its offer to drivers with fast-charging services for electric vehicles and fleets on routes and at destinations throughout Spain and Portugal.
Based in Seville, Cable Energía is an electric mobility infrastructure company the main goal of which is been to create a network of fast-charging stations strategically located in Spain and Portugal.
The Granada-based company Cuerva acquired a 51% holding in Cable Energía in April 2021. Cable Energía was founded in 2018 by two engineers, Ignacio López and Jesús Nieto, who will continue to be involved in the company in managerial roles once 100% of its equity has been transferred to Shell. The acquisition and additional investment by Shell will enable the multinational to accelerate deployment of Cable Energía's electric vehicle charging points in Spain and Portugal, both of which are significant automotive markets in Europe.
István Kapitány, Global Executive Vice-President of Shell Mobility, had this to say about the acquisition: "Shell, along with our fantastic partner DISA, has a long history of providing our Spanish and Portuguese customers with the energy they need. Acquisition of Cable Energía will enable us to drive rapid growth of our electric vehicle charging network in both markets and, most importantly, provide a great charging experience for our customers. We warmly welcome the Cable Energía team into the Shell Recharge family."
Ignacio Cuerva, CEO of Cuerva, replied that“the sale was a strategic decision that does not mean that Cuerva is abandoning the electric vehicle business; quite the contrary – we will seek new challenges and projects to grow in the field.” Cuerva and Shell have shown that they are interested in continuing their relationship to drive the multinational giant’s expansion plan in Spain, a plan that sets significant goals not only in electric mobility but also in energy generation from renewable sources. Cuerva expects new doors to open for further opportunities and projects as a result of this mutually beneficial transaction.
Shell provides solutions in Spain for home, workplace and parking charge stations through Shell Recharge Solutions. Customers also have access to an extensive public charging network in Spain, Portugal and 33 other European countries with the Shell Recharge app by means of a roaming service.
Cable Energía now becomes a member of the Shell Group and will form part of its Mobility Area.