Iveco agrees to buy minority stake in Blue Energy Motor clean energy truck start-up

The logo of Iveco Group is seen outside the Milan Bourse (Italian stock exchange) on the day truckmaker Iveco Group starts trading there, in Milan, Italy, January 3, 2022. REUTERS/Daniele Mascolo/File Photo

MILAN, Sept 28 (Reuters) - Truckmaker Iveco Group (IVG.MI) said on Wednesday it had agreed, through its engine unit FPT Industrial, to buy a minority stake in India's Blue Energy Motors, a start-up developing clean energy trucks.

The closing of the deal is subject to conditions, Iveco said in a statement.

Iveco did not provide financial details of the transaction, which follows an agreement in July between the two companies for the supply by FPT Industrial to Blue Energy Motors of engines for liquefied natural gas (LNG) powered trucks. read more

Iveco, one of market leaders in liquefied and compressed natural gas technologies for commercial vehicles, said that the cooperation with Blue Energy Motors, although initially focused on LNG applications, might develop in the future in the area of electrification.

Reporting by Giulio Piovaccari, Editing by Louise Heavens

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