German car manufacturer Volkswagen will keep options open for its energy and charging arm including a potential IPO, the division’s senior executive Elke Temme revealed.
All of Volkswagen’s unlisted brands have gone through an assessment of whether they should be spun out including battery maker PowerCo under the direction of chief executive Oliver Blume.
The results will be analysed internally by the multinational car manufacturer before being presented to investors at a capital market day later this year, a report from Reuters revealed.
Electric cars could use bi-directional charging, storing additional green electricity that the grid cannot hold, to steady fluctuations in wider electricity markets, Temme told the London newswire.
Temme indicated to Reuters that Volkswagen’s electric vehicles may be capable of this, stating “It won’t take five more years.”
Volkswagen has paved the way as a sustainable company, developing strategies for electric vehicles (EV) and batteries for the next decade.
The German legacy automaker has targeted spending of €35bln on EV batteries by 2025.
“The energy industry and the car market are becoming more woven together," Temme added, stating that she believes “cars will become part of the energy system.”
Porsche AG (ETR:P911), also owned by Volkswagen, floated at €82.50 on the Frankfurt stock exchange last September.
Since listing shares have increased by 25.45% with the stock now valued at €103.50.