Blackstone Private Equity has teamed up with its Singapore-based portfolio company Interplex to launch ENNOVI, a new mobility electrification solutions business that designs, develops, and engineers innovative interconnect solutions for the electric vehicle (EV) industry.
The carve-out of Interplex’s mobility business was the culmination of a strategic reorganisation and transformation of its core business, the company said in a statement.
ENNOVI will focus primarily on the automotive electrification solutions, designs and engineers battery, power platform and signal interconnect solutions for EVs, while Interplex will continue to prioritise the datacom and industrial market with high-precision mechanical solutions and busbar technologies.
Headquartered in Singapore, ENNOVI has more than 7,000 employees across 15 sites globally.
“We are excited about the creation of ENNOVI, which will focus on mobility electrification, a rapidly growing sector globally and a key contributor to the broader shift towards sustainable energy,” said Ed Huang, COO of Private Equity Asia at Blackstone.
The alternative asset manager acquired Interplex from EQT BPEA at an enterprise value of $1.6 billion in January last year. BPEA, the entity before merging with Swedish private equity firm EQT Group, had privatised Interplex from the Singapore Exchange in 2016.
Blackstone, which was the first alternative investment firm to cross the $1 trillion AUM threshold in July this year, is amongst those who have set a decarbornisation target through its investments. In 2020, the firm said it targeted at 15% carbon emissions reduction across all new investments where it would control energy usage.
Blackstone has backed companies in the EV space globally such as Rivian; Applegreen; Ample; and Sona Comstar, which it recently exited.