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Eni (E) Signs Deal With XEC for Battery Replacement Services

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Eni SPA (E - Free Report) entered an agreement with XEV to implement a battery replacement service for the latter’s YOYO electric vehicle.

In May 2021, the Italy-based electric car company XEV launched YOYO, the first fully electric city car, which can be driven from the age of 16 with a B1 license. The vehicle has been designed for battery swapping due to the shortage of electric vehicle charging infrastructure in most urban areas.

The innovative battery-swapping service, Battery Xchange, will replace discharged batteries with charged batteries within few minutes. The battery swapping will reduce long waiting times for YOYO users to recharge their car batteries, giving new energy and maximum freedom of movement.

The sustainable and efficient urban mobility solution will be available in a selected number of Eni service stations. From 2022, the YOYO zero-emission city car will be part of Eni's car-sharing service, Enjoy fleet, contributing significantly to the development of sustainable mobility. It will be the first to offer the vehicles to its Enjoy car-sharing users, with the intent of expanding its sustainable service and product portfolio.

With the partnership, Eni will become the first in Europe to provide the battery replacement service at its service stations. The partnership with XEV bolsters Eni’s commitment to providing clean energy as well as tangible, efficient and sustainable solutions to consumers. The innovative business model will help overcome the challenges and limitations of charging electric cars.

Company Profile & Price Performance

Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.

Shares of the company have outperformed the industry in the past six months. Its shares have gained 3.5% against the industry’s 5% decline.


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Zacks Rank & Other Stocks to Consider

Eni currently flaunts a Zack Rank #1 (Strong Buy).

Some other top-ranked players in the energy space are Continental Resources, Inc. (CLR - Free Report) , PDC Energy, Inc. (PDCE - Free Report) and Summit Midstream Partners, LP (SMLP - Free Report) , each currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, the Zacks Consensus Estimate for Continental Resources’ 2020 earnings has been raised by 54.2%.

PDC Energy’s earnings for 2021 are expected to increase 15.5% year over year.

Summit Midstream’s earnings for 2021 are expected to surge 114.2% year over year.