NextEra Energy Resources enters the mobility market with acquisition of eIQ Mobility

Rhea-AI Summary

NextEra Energy Resources announced the acquisition of eIQ Mobility, a leader in mobility planning solutions, on December 8, 2020. This acquisition positions NextEra to offer comprehensive fleet assessments, aiding customers in transitioning to electric and hydrogen vehicles. With the rise in demand for sustainable solutions, eIQ Mobility's expertise in vehicle and energy analytics will help clients optimize fleet conversions, minimizing costs and emissions. This strategic move is anticipated to enhance NextEra's service offerings across commercial and municipal sectors, aligning with their clean energy goals.

Positive

• Acquisition enhances fleet assessment capabilities for customers.
• Strategic entry into the mobility market aligns with increasing electrification trends.
• eIQ Mobility's analytics will aid in reducing operational costs and emissions.
• Expected to strengthen customer relationships through holistic electrification solutions.

Negative

• None.

JUNO BEACH, Fla., Dec. 8, 2020 /PRNewswire/ -- NextEra Energy Resources, LLC, today announced the acquisition of eIQ Mobility, the leading software provider of mobility planning solutions based in Oakland, California.

"The conversion away from internal combustion engines could drive over one fifth of U.S. energy demand by 2050, and fleets are following passenger vehicles in this disruptive trend. The fleet market is expected to grow as fleet vehicles become available and our investment in eIQ Mobility gives us best-in-class insights into when and where fleet conversion is likely to be economic for our customers," said Matt Handel, senior vice president of Development for NextEra Energy Resources. "Our customers are planning for the future transition to electric or hydrogen mobility. Through the acquisition of eIQ Mobility, we will be able to offer our commercial, industrial, municipal and utility customers robust fleet assessments that inform infrastructure planning for renewable energy, load management and resiliency while helping them meet their environmental, social and governance goals."

The acquisition of eIQ Mobility allows NextEra Energy Resources to help customers identify economic operational and sustainable pathways for fleet vehicle conversions. eIQ Mobility has provided vehicle and energy analytics for fleets ranging from package delivery, auto manufacturing, technology services, and facility management to the pharmaceutical and utilities industries. From its proprietary database of electric vehicles, rates, chargers, and incentives, eIQ Mobility helps fleets select the optimal electric vehicles and charging infrastructure that meet their operational requirements while significantly reducing maintenance and fuel costs as well as total cost of ownership and emissions. eIQ Mobility's expertise in evaluation of alternatives to traditional fossil fuels in the transportation sector will also provide NextEra Energy Resources the ability to quickly evaluate fleet conversions to hydrogen. 

"With battery and EV prices falling and an increasing focus on sustainability, many fleets are making plans for wholesale electrification," said Sila Kiliccote, CEO and co-founder of eIQ Mobility. "By joining NextEra Energy Resources, the eIQ Mobility platform and team will provide fleets a one-stop electrification solution, from vehicle selection and conversion planning, to the design and operation of resilient charging depots supported by clean energy."  

NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,900 megawatts of net generating capacity, primarily in 37 states and Canada as of year-end 2019. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.

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SOURCE NextEra Energy Resources, LLC

FAQ

What is the significance of NextEra Energy Resources acquiring eIQ Mobility?

The acquisition enhances NextEra's ability to offer fleet assessment services, supporting customers in transitioning to electric and hydrogen vehicles.

How will the eIQ Mobility acquisition impact NextEra Energy Resources' customers?

Customers will benefit from advanced insights into electric vehicle selection and infrastructure planning, helping them meet sustainability goals.

What market trend is driving the acquisition of eIQ Mobility by NextEra Energy Resources?

The conversion from internal combustion engines to electric vehicles is driving demand for mobility solutions, which this acquisition addresses.

What expected benefits come from the acquisition of eIQ Mobility?

NextEra anticipates improved customer service offerings, reduced operational costs for fleets, and better integration of renewable energy solutions.

What is the stock symbol of NextEra Energy Resources?

The stock symbol for NextEra Energy Resources is NEE.