Oil Supermajors Investing in Electric Vehicle Infrastructure Highlights Energy Transition

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3Q 2018 | IN-5219

 

BP Acquires the United Kingdom’s Largest Charging Firm, Chargemaster

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BP announced last month that it would be acquiring the United Kingdom’s largest electric vehicle charging company, Chargemaster. Chargemaster operates the largest public network of EV charging points in the United Kingdom, with more than 6,500 points and 40,000 customers. The company also designs, builds, and sells Electric Vehicle Supply Equipment (EVSE) for home charging and other residential locations.

The acquisition of Chargemaster follows a similar move by Royal Dutch Shell, which snapped up vehicle charging company NewMotion last year. NewMotion, at the time, offered 30,000 charging points across Western Europe. These acquisitions come as no surprise given the increasing shift towards electric vehicles, a huge threat to oil companies given that gas and diesel make up a large part of overall oil demand.

The transition away from using gas and diesel to power vehicles to utilizing elec...

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