BP Buys UK’s Largest EV Charging Network
BP (formerly British Petroleum) recently announced the acquisition of Chargemaster – the largest electric vehicle charging network in the United Kingdom (UK).
BP will pay about £130 million ($170 million) to acquire the company. Once the acquisition is complete, BP will own a significant share in Chargemaster’s charging point network.
Currently, Chargemaster owns over 6,500 charging stations, with another 1,000 on their way by the end of 2018. The Chargemaster stations will eventually be rebranded as BP Chargemaster.
BP will also install new “ultra-fast” BP Chargemaster charging points across its network of 1,200 petrol stations. They will provide 100 miles of range in just 10 minutes. These chargers will be available to customers by the middle of 2019.
BP anticipates demand for electric cars to soar soon. The partnership is the company’s way of gearing up for the switch toward electric cars.
Chargemaster projects that one million electric vehicles will be on roads in the UK by 2022.
Tufan Erginbilgic, chief executive of BP’s downstream division, told the Guardian: “Effectively, BP becomes a leading provider of energy to low-carbon vehicles in the UK. I would like to emphasize the world and the UK needs ultra-fast charging for electric vehicles to scale up.”
In May, BP invested $20 million in a startup called StoreDot, which is developing a new generation of batteries that can charge a smartphone or car in five minutes.
In the United States (US), NV Energy plans to spend $295 million on renewable energy in Nevada, including $5 million on electric car stations.
State regulators have approved the plan. Governor Brian Sandoval wants Nevada to be the first state in the West to have a complete electric charging system by 2020.
NV Energy will work with state officials to decide locations for charging stations on the Nevada Electric Highway.