Wednesday 21 November 2018

BP plugs in with takeover of UK’s biggest electric car charging firm

Chargemaster has more than 6,500 charging points across the UK and over 40,000 customers.

Oil giant BP has agreed to buy the UK’s largest electric vehicle charging firm as it looks to tap into an expected surge in demand for electric cars (PA)
Oil giant BP has agreed to buy the UK’s largest electric vehicle charging firm as it looks to tap into an expected surge in demand for electric cars (PA)

By Holly Williams, Press Association Deputy City Editor

Oil giant BP has agreed to buy the UK’s largest electric vehicle charging firm as it looks to tap into an expected surge in demand for electric cars.

Chargemaster has more than 6,500 charging points across the UK, while it also designs, builds, sells and maintains electric vehicle charging units across a raft of locations, including for home charging.

BP plans to roll out Chargemaster’s charging points across its 1,200-strong network of service stations across the UK over the next 12 months.

The deal – for an undisclosed sum – sees BP bet on increasing demand for electric vehicles, with the firm estimating the number on UK roads will surge from 135,000 in 2017 to 12 million by 2040.

Tufan Erginbilgic, chief executive of BP’s downstream arm, 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 towards 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.”

The acquisition of Chargemaster by BP marks a true milestone in the move towards low carbon motoring in the UK David Martell, chief executive of Chargemaster

A key priority for BP Chargemaster will be the roll-out of ultra-fast charging infrastructure, including rapid chargers capable of delivering 100 miles of range in just 10 minutes, BP added.

David Martell, chief executive of Chargemaster, said “The acquisition of Chargemaster by BP marks a true milestone in the move towards 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.”

Chargemaster was founded in 2008 and has more than 40,000 customers, which can pay by monthly subscription or on a pay-as-you-go basis.

The acquisition marks the latest move by BP into green energy, having last month invested 20 million US dollars (£15.3 million) in a firm which makes ultra fast electric vehicle batteries.

Press Association

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