BP Plc invests $5 million in U.S. mobile electric vehicle charging firm FreeWire

Petroleum giants, whose business model earlier revolved around fossil fuels, are increasingly diversifying into cleaner technologies with consumers preferring electric vehicles to their dirty polluting gas guzzling cousins.

BP Plc disclosed it has invested $5 million in FreeWire, a U.S. mobile electric vehicle charging company.

Demand for cleaner vehicles are expected to soar in the near future.

The development will enable FreeWire to provide rapid charging across its retail sites in Europe and Britain.

BP’s move mirrors that of its peer, Royal Dutch Shell, which acquired NewMotion, a Dutch-based firm which is the owner of one of Europe’s largest electric vehicle charging networks.

Royal Dutch Shell marks the company’s first forray in the electric mobility market.

Oil companies are increasingly diversifying into the electric mobility market since their business model revolving around oil is set to plateau in the 2020s because the demand for oil is likely to significant reduce with the rapid adoption of electric vehicles.

BP stated it plans to roll out Mobi Charger units at selected retail sites in the U.K and in Europe in 2018.

“Mobility is changing and BP is committed to remaining the fuel retailer of choice into the future. EV charging will undoubtedly become an important part of our business, but customer demand and the technologies available are still evolving,” said Tufan Erginbilgic, BP’s Downstream CEO.

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