Volkswagen Explores €5B Sale of Everllence, Its Climate Tech Subsidiary
Volkswagen (VW) is reportedly exploring the sale of its subsidiary Everllence, a company specialising in climate-friendly technologies. The potential sale comes after Everllence overcame a challenging period and reported record orders. VW has hired investment banks to find a buyer, aiming for a return of over €5 billion.
Everllence was jointly founded in 2021 by MAN Energy Solutions, later renamed Everllence, and Volkswagen. The company was created through the acquisition of H-Tec Systems, a specialist in hydrogen electrolysis systems. Everllence's product range includes large heat pumps, CO2 capture systems, and ship engine conversions to climate-friendly fuels.
VW is now considering selling its stake in Everllence, with financial investors being the most likely buyers. The company has hired Goldman Sachs and JPMorgan Chase to assist in the process. The reported asking price is over €5 billion, indicating VW's confidence in Everllence's future prospects and recent success in climate change mitigation.
Everllence, after a challenging start, has seen a turnaround with record orders. VW's potential sale of its stake in the company could see financial investors benefit from Everllence's growth and success in the climate change technology sector.
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