ROME, Sept 23 (Reuters) – Europe’s biggest utility Enel (ENEI.MI) has set up a new company dedicated to digital grid services, which aims to have a revenue of 1.5 billion euros ($1.76 billion) by 2030, newspaper Il Sole 24 Ore reported on Wednesday.

The spinoff, Gridspertise, will manage all activities related to digital meters and intelligent grid services and will be officially presented on Thursday, according to the report.

European utilities have sped up the adoption of new technologies due to the effect of the COVID-19 pandemic to help them steer critical infrastructure, including plants and grids.

The shareholding of Gridspertise could be opened up to new investors, for a minority stake, as early as next year, the report added.

The Italian firm’s newly created company will start with about a hundred employees but will take on more strength as it expands operations in Spain, United States, and India, the newspaper said.

“This company is destined to invest hundreds of millions in technology in the coming years,” Enel Global Infrastructure and Networks CEO Antonio Cammisecra were quoted as saying.

($1 = 0.8540 euros)

Reporting by Giulia Segreti; Editing by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.

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