BP PLC (LON:BP.) has agreed to buy the UK's largest electric vehicle (EV) charging company, Chargemaster, as the oil giant comes to terms with the move away from the use of fossil fuels.
The FTSE 100-listed firm did not disclose its purchase price for Chargemaster – to be rebranded as BP Chargemaster after the deal completes – which operates a network of EV charging points, with over 6,500 across the country. It also designs, builds, sells and maintains EV charging units.
In a statement yesterday, BP said: "The development of convenient and innovative EV charging technologies and networks is a key part of BP's strategy to advance the energy transition.
“BP is committed to developing new offers to meet changing customer demand and growing new businesses and supporting opportunities for customers to reduce their emissions."
The oil firm added that BP customers in the UK should be able to access BP Chargemaster chargers on forecourts over the next 12 months.
BP estimates that by 2040 there will be 12mln electric vehicles on UK roads, up from around 135,000 in 2017.
Tufan Erginbilgic, chief executive of BP Downstream commented: "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 UK and to BP becoming the leading provider of energy to low carbon vehicles, on the road or at home.”