BP Acquires UK's biggest car charging firm Chargemaster for £130m


Published On : Jun 29, 2018

Oil Giant BP plugs in with British multinational oil and gas company (British Petroleum), by addressing the hazard that low-carbon vehicles pose to their primary business.

Chargemaster is the largest EV charging firm having more than 6,500 charging points across the UK and over 40,000 customers. Through this deal, customers will see the new chargers in its courtyards over the next 12 months. The company has finally approved to buy the UK’s largest electric vehicle charging firm as it seems to blow into an expected flow in demand for electric cars.

Presently, all chief car manufacturers are moving into electric vehicle production. Volkswagen, the world's biggest automotive company, has also said it will offer an electric version of all its 300 models by 2030. BP further stated that this acquisition was an imperative move towards the company being the top provider of energy to low carbon automobiles.

British multinational oil and gas company estimates the number of electric vehicles will hit 12m by 2040, although some analysts put the figure could grow much higher. In the present time, there are more than 140,000 electric vehicles running on the UK’s roads, most of which are plug-in hybrid vehicles that can run for a short distance on battery power before changing to petrol or diesel.

With the growing efforts to reduce carbon emissions, the company is planning to enhance their services. As reported, BP aims to reduce the amount of time it takes to power up a vehicle battery. It plans to “shortly” make open 150-kilowatt chargers that will power up a car in 10 minutes and give it a 100-mile range. Tufan Erginbilgic, chief executive of BP said “At BP, we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles.

David Martell, The chief executive of Chargemaster has openly stated that “The acquisition of Chargemaster by BP marks a true revolution in the move towards low carbon motoring in the UK”.

Moreover, an important announcement by British Petroleum is that it has also invested in a startup, named StoreDot, which could sooner fully charge a car in just five minutes.

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