BP takes up key position in UK’s EV market with charging network purchase

BP has acquired the UK’s biggest electric vehicle (EV) charging network in a $130 million deal that catapults the oil major into the centre of the nation’s growing low-carbon vehicle market.

Chargemaster currently has more than 6,500 charging points across the UK, with that figure set to be bolstered by the deployment of fast chargers at BP’s 1,200 forecourts over the next year.

Under the new name BP Chargemaster, the company will focus on ultra-fast 150KW charging, which can add between 450 and 600 miles of range per hour of charging.

“Effectively, BP becomes a leading provider of energy to low-carbon vehicles in the UK. I would like to emphasise the world and the UK needs ultra-fast charging for electric vehicles to scale up,” said chief executive of BP’s downstream division Tufan Erginbilgic.

Today there are over 140,000 EVs on the UK’s roads, the majority of which are plug-in hybrid vehicles that can run for a short distance, but BP estimates the number of EVs will reach 12 million by 2040.

BP has recently pledged to invest US$500 million in low-carbon activities and to keep its greenhouse gas emissions flat through to 2025 in a symbolic commitment to renewable energy.