BP moves into electric vehicles market with Chargemaster acquisition

BP has announced its purchase of the UK’s largest electric vehicle charging company.

The oil giant has entering into the agreement with Chargemaster, which operates over 6,500 charging points across the UK. The company will now be rebranded to BP Chargemaster and become a wholly owned BP brand.

The news is expected to scale-up the availability of electric charging points with BP planning to invest in ultra-fast charging infrastructure across the existing network and its own 1,200 service stations. This will include the 150 kilowatt chargers which can enable 100 miles of range in only 10 minutes of charging.

Chargemaster is only 10 years old, but operates the largest public charging network in the country. The service, called POLAR, is used by an estimated 40,000 customers in the UK. Chargemaster’s chief executive, David Martell, said the acquisition “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, which will help us maintain our market-leading position and grow the national POLAR charging network to support the large range of exciting new electric vehicles that are coming to market in the next couple of years.”

The acquisition forms part of BP’s stated aim to invest $500 million a year into clean technologies. The company recently bought out Europe’s largest solar developer, Lightsource, for $200 million.

 “At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles,” said Tufan Erginbilgic, BP’s chief executive of downstream.

“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,” he added.

 

Photo Credit: BP