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Japanese oil co JXTG invests in EV charging specialist Virta

Image source: Virta Ltd

April 15 (Renewables Now) - Japanese petroleum company JXTG Nippon Oil & Energy Corp has made an investment of an undisclosed amount in Finland-based electric vehicle (EV) charging platform operator Virta Ltd to expand into the e-mobility sector.

The capital injection comes alongside a pact for a possible cooperation between the two parties. They are currently discussing a number of business collaboration areas, including smart charging and linking EVs and renewable energy.

JXTG noted that it considers EV-related services as part of its plan to establish a new mobility services business, utilising the company’s nationwide network of roughly 13,000 service stations.

“This investment triggers the launch of Virta operations in Asian markets with Japan as a spearhead and hence accelerates Virta’s transition from European to a global digital platform for e-Mobility” continues Jussi Palola, CEO of Virta Ltd, also known as Liikennevirta Oy.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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