BP delves deeper into EV sector

  • 28/06/18

BP is widening its position in the electric vehicle (EV) market with a deal to buy UK EV charging company Chargemaster for £130mn ($170mn). It marks the latest in a string of investments by BP in the EV sector this year.

Chargemaster operates the UK's largest public network of EV charging points.

"Bringing together the UK's leading fuel retailer and its largest charging company, BP Chargemaster will deliver a truly differentiated offer for the country's growing number of electric vehicle owners," BP downstream chief executive Tufan Erginbilgic said.

BP expects the number of EVs on UK roads to increase to 12mn by 2040 from 135,000 last year.

The company's efforts to gain a foothold in EV technology have gathered pace this year. It has invested $20mn in Israeli company StoreDot, which is developing ultra-fast charging batteries for EVs. And it signed an initial agreement last month to work with Chinese private equity firm NIO Capital on "advanced mobility" opportunities, including EVs and batteries. Those deals came less than six months after BP ploughed $5mn into US EV charging firm FreeWire.

BP's foray into the sector is not unique among the majors. Shell acquired Dutch EV charging provider NewMotion last year. And Total's Saft subsidiary — acquired for more than $1bn in 2016 — is teaming up with other European technology firms to work on a "new generation" of EV batteries.


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