Daily Management Review

BP In ‘An Agreement To Purchase Chargemaster’ Amid Expectations Of EV Market Boom


06/30/2018


BP’s petrol stations in Britain to incorporate “rapid charging network” for electric vehicles.



BP, a major energy player in Britain, has bought over “largest electric vehicle charging firm” of the country, whereby betting on the EV market’s boom in the coming years.
 
In fact, similar moves have been made by France’s Total and Shell, which strove to make a space into the “charging of electric vehicles” market, which according to the forecast of experts is going to gain popularity. In a statement, the company said:
“BP announced that it has entered into an agreement to purchase Chargemaster, the UK’s largest EV charging company”.
 
Furthermore, the statement also revealed that the company will be focussing on “ultra-fast charging that lasts ten minutes for a 160km range”. The amount involved in the deal remains undisclosed, as BP makes its way into “rapid charging network at the company’s 1,200 petrol stations across Britain”. An “automotive expert” in Warwick University, Professor Dave Greenwood told AFP:
“Electric vehicle sales are increasing around Europe they are still accelerating quite quickly”.
“Having an ability to do a fast charge could be a relatively attractive model”.
 
BP has aligned its aim of providing “energy to low carbon vehicles” with the country’s “legislation to encourage greener transport”. While, Cardiff University’s Professor Peter Wells said:
“Fuel companies are clear that they need to know much more about this”.
 
In fact, Mr. Wells expressed that sector’s concerns vis a vis the “carbon agenda” which attempts to reduce carbon emission and he added:
“The amount of money that’s being spent (by BP) is not great. It’s a toe in the water -- but it could easily be a launchpad”.
 
As per BP’s prediction, by 2040 the streets of U.K. will have “12 million” electric cars. In the words of Mr Greenwood:
“The UK government has stated that all new cars will need to be electric or long-range plug-in hybrid by that point. Both of those need fast charging”.
“If you look at the total number of vehicles in circulation in the UK at the moment, that is around 20 million or thereabouts, so this is suggesting that by 2040 half the fleet has shifted over to electrical plug-in. That’s not a ridiculous forecast.”
 
In fact, Mr Wells informed:
“Major players like Renault and Nissan are saying that they are making money after ten years of investment in electric technology”.
“In terms of EVs, this is a big moment. I think we are going to see that transition from niche into almost day to day product.”
 
However, on a cautious note, he added:
“The key problem is: it’s very hard to make money from this. BP are still talking about ten minutes per car charge. That’s still not really fast enough.”
 
References:
www.thenational.ae







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