BP (LON:BP) has inked a deal to buy the UK’s largest electric vehicle (EV) charging company as it expects a surge in the number of EVs in coming decades, the blue-chip company has said. The news comes after the British oil major scrapped its takeover of Woolworths’ retail fuel and convenience business in Australia last week.
BP’s share price has been subdued in London this morning, having given up 0.57 percent to 578.99p as of 08:36 BST. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.10 percent lower at 7,613.76 points. The group’s shares have added a little over 27 percent to their value over the past year, as compared with a near three-percent gain in the Footsie.
BP snaps up Chargemaster
BP announced in a statement this morning that it had it had entered into an agreement to purchase Chargemaster, the UK’s largest EV charging company. The companies, however, did not disclose the value of the deal.
Chargemaster, which will be rebranded as BP Chargemaster, operates the UK’s largest public network of EV charging points, with over 6,500 across the country. It also designs, builds, sells and maintains EV charging units for a wide range of locations, including for home charging.
Electric vehicle prospects
The acquisition comes with BP expecting a boom in EVs in coming decades. The oil major estimates that there will be 12 million EVs on UK roads by 2040, up from around 135,000 in 2017.
“BP believes that to accelerate the adoption of EVs, customers will require convenient access to fast and ultra-fast charging,” the group said in the statement, adding that its “UK retail network is well positioned to provide this access with over 1,200 service stations across the country”.