BP has announced it has entered into an agreement to purchase EV charging company Chargemaster. It means that in addition to the more than 6,500 charging points already operational across the UK, new fast and ultra-fast charging points will be installed on BP forecourts. The deal is valued at £130m (US$170.7m).
BP will start to roll out Chargemaster chargers, including 150kW rapid chargers, on its 1,200 forecourts over the next 12 months. Chargemaster will be rebranded as BP Chargemaster and will operate as a wholly-owned BP entity. Chargemaster employees will continue to be employed by BP Chargemaster or its subsidiaries.
Tufan Erginbilgic, chief executive, BP Downstream, said, “At BP, we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles. Combining BP’s and Chargemaster’s complementary expertise, experience and assets is an important step toward offering fast and ultra-fast charging at BP sites across the UK, and to BP becoming the leading provider of energy to low carbon vehicles, on the road or at home.”
David Martell, chief executive, Chargemaster, said, “The acquisition of Chargemaster by BP marks a true milestone in the move toward low carbon motoring in the UK. I am truly excited to lead the Chargemaster team into a new era backed by the strength and scale of BP, which will help us maintain our market-leading position and grow the national Polar [Chargemaster’s public charging network] charging network to support the large range of exciting new electric vehicles that are coming to market in the next couple of years.”
BP plans to invest around US$500m a year in low-carbon technology and use its experience in the UK to expand into other growing markets, with China and Germany on top of the list.
“We want to have a leading position in the UK whatever fuel choice our customers have,” Erginbilgic told Reuters.