BERLIN (Reuters) – Siemens plans to carve out its electric vehicle (EV) charging business, Siemens eMobility, to open opportunities for more growth, the German conglomerate said on Monday.

The carve-out will combine Siemens eMobility with recently acquired DC fast-charging solutions specialist Heliox, said Siemens.

“The new setup of eMobility will enable the business to accelerate profitability by focusing on high potential business segments and strategically relevant geographies,” said Matthias Rebellius, Siemens AG managing board member.

(Writing by Miranda Murray, Editing by Rachel More)