UK oil and gas giant BP Plc (LON:BP) said today it has agreed to buy Chargemaster, which is described as the UK's largest electric vehicle (EV) charging company.
Set up in 2008, Chargemaster, to be rebranded BP Chargemaster, operates the largest public EV charging network in the UK with more than 6,500 charging points and also supplies chargers to a range of locations, including homes, BP explained.
The acquisition comes as BP expects that the number of EVs on UK roads will grow to 12 million by 2040 from around 135,000 in 2017. According to the company, the acquisition is an important step in deploying a fast and ultra-fast charging network, which it believes is key to support the adoption of EVs, on its UK forecourts. BP said that BP Chargemaster will focus on the roll-out of ultra-fast charging infrastructure, including 150-kW rapid chargers and that BP Chargemaster chargers can be expected on the group's UK forecourts over the next 12 months.
In May, BP invested USD 20 million in StoreDot, a company developing car batteries that aim to charge in five minutes, or the same time it takes to refuel a gasoline car.