BP has entered into an agreement to purchase Chargemaster, a major electric vehicle (EV) charging company in the U.K.
According to BP, Chargemaster operates the U.K.’s largest public network of EV charging points. It also designs, builds, sells and maintains EV charging units for a range of locations, including for home charging. Founded in 2008, Chargemaster runs the POLAR network, which includes over 6,500 public charging points and over 40,000 customers.
Upon completion of the transaction, Chargemaster employees will continue to be employed by the newly rebranded BP Chargemaster or its subsidiaries. BP Chargemaster will operate as a wholly owned BP entity.
Tufan Erginbilgic, CEO of BP Downstream, says the deal will “deliver a truly differentiated offer for the country’s growing number of electric vehicle owners.”
“At BP, we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles,” he continues. “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 U.K. and to BP becoming the leading provider of energy to low-carbon vehicles, on the road or at home.”
BP says it is aiming to reduce greenhouse-gas emissions in its operations, improve its products and services to help customers lower their emissions, and create new low-carbon businesses. In January, BP invested $5 million in FreeWire Technologies, which manufactures mobile EV rapid charging systems. In May, BP announced a $20 million investment in battery company StoreDot.
By 2040, BP estimates that there will be 12 million EVs on U.K. roads – up from around 135,000 in 2017. A key priority for BP Chargemaster will be the rollout of ultra-fast-charging infrastructure, including 150 kW rapid chargers capable of delivering 100 miles of range in 10 minutes. BP customers in the U.K. can expect to access BP Chargemaster chargers on forecourts over the next 12 months.
“The acquisition of Chargemaster by BP marks a true milestone in the move towards low-carbon motoring in the U.K.,” notes David Martell, CEO of Chargemaster. “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.”