BP today announced that it has entered into an agreement to purchase Chargemaster, the largest electric vehicle (EV) charging company operating in the UK. BP plans to use Chargemaster’s technology to roll out ultra-fast charging infrastructure across its 1,200 petrol stations in the country over the next 12 months.
Chargemaster is currently the operator of the UK’s biggest EV charging network, with over 6,500 charging points across the country. It is also the leading supplier of EV charging infrastructure, designing, building, selling and maintaining EV charging units for a wide range of locations, including the home.
Go deeper with GlobalData
BP, which did not disclose how much they will be purchasing Chargemaster for, estimates that by 2040 there will be 12 million EVs on UK roads, up from approximately 135,000 in 2017.
“At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles,” Tufan Erginbilgic, head of BP Downstream, said in a release by the company.
Electric vehicles are currently predominantly used in urban areas, but as the market expands and technology progresses, installing fast chargers on highway networks will be a crucial step in developing EV infrastructure. Ultra-fast 150 kilowatt chargers will be able to deliver 100 miles of range in just 10 minutes, according to a statement by BP.
David Martell, Chief Executive of Chargemaster said “The acquisition of Chargemaster by BP marks a true milestone in the move towards low carbon monitoring in the UK.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUpon completion of the purchase, Chargemaster will be rebranded as BP Chargemaster and operate as a wholly-owned BP entity.
Automakers are also betting on the future of electric mobility, with Volvo exploring a team-up with Ford and Hyundai on fuel cell electric vehicle technologies.
