Renault SA (RNO.FR) has created a new subsidiary to expand into the smart grid sector, an area that is fundamental to expanding its electric mobility business, the company said Monday.
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The new subsidiary, Renault Energy Services, will function "much like a startup" and will help Renault to develop and invest in vehicle-to-grid interaction and smart charging technologies, it said. Renault plans to enable its electric vehicles to charge while energy supply peaks and feed power back to the grid when demand is highest. Renault says the technology could help to make the most economic use of electricity while also lowering costs.
Investing in the new business will help Renault increase its market share for electric cars in Europe, said Gilles Normand, senior vice president for electric vehicles.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
October 09, 2017 06:47 ET (10:47 GMT)