UK’s largest electric charging network, Chargemaster, is being bought by oil giant BP for £130 million.
Earlier this year, BP had said that it expects renewable energy to be the fastest-growing source of fuel despite the company operating 1,200 petrol forecourts.
The company said that there would be a rise in the number of electric vehicles from the current 135,000 units to 12 million by the year 2040.
This strategy by BP is reflective of a similar move last year by another oil major Shell with the purchase of the car charging company NewMotion.
Electric vehicle manufacturing is now at the heart of all of the major car making companies. An electric version for all the 300 models by 2030 would be offered by the largest car maker of the world Volkswagen, the company has announced.
Following the acquisition, the name of Chargemaster will eb changed to BP Chargemaster. The company operates 6,500 charging points and is also engage in sale of electric vehicle charging points ay homes of owners.
According to the statement by BP, the taking over of the car charging company will help the company to turn itself into a leading provider of energy for the low carbon vehicles.
£130 million for the deal is a small amount for a global company like BP. According to analysts, this deal can become a lucrative one ultimately. This is because they believe that electric cars would soon become commonplace on the streets even though they are currently not that common to see. According to BP itself, 12 million electric vehicles would dot the rods of UK by 2040. And all of them would require chargers to run.
At the same time, the more than 1200 service stations that BP owns also double up as its retail outlets. Such service stations would become much less profitable if one third of the current number of vehicles no longer require to visit those station.
And this is the reason that the company stresses on the need for increase deployment of fast and ultra-fast chargers on UK forecourts
That’s why BP says a major goal of the deal is to step up the deployment of fast and ultra-fast chargers on UK forecourts.
It will give those millions of drivers a reason to keep on visiting – and help keep the tills ticking over.
“We have no doubt that the electric vehicle market is growing and will become a significant part of the transport sector in future,” said David Nichols, a spokesman for BP. “Chargemaster is a leader in the UK market. We want to learn from them, and eventually, yes, grow the business worldwide,” he added.
Founded in 2008, the largest public charging network in the UK – POLAR is run by Chargemaster. There are over 40,000 customers with company and a number of them also under its monthly subscription scheme.
(Adapted from BBC.com)