BP to acquire UK’s largest electric vehicle charging company for £130 million

Posted: 28 June 2018 | | No comments yet

BP is doubling down on its own predictions that renewable energy is to become the fastest-growing fuel source by purchasing Chargemaster…

BP to acquire UK's largest electric vehicle charging company for £130 million

Credit: BP Chargemaster

BP has reached an agreement to acquire the UK’s largest electric vehicle charging company, Chargemaster.

Founded in 2008, Chargemaster operates the UK’s largest public network of EV charging points, with over 6,500 across the country. It also designs, builds, sells and maintains EV charging units for a wide range of locations – including for home charging.

BP said that the development of convenient and innovative EV charging technologies and networks is a key part of its strategy to advance energy transition. The move comes as customer demand changes and new businesses grow, with BP keen to demonstrate its ability and commitment to support opportunities for customers to reduce their emissions.

Commenting on the acquisition, Tufan Erginbilgic, Chief Executive of BP Downstream, said: “Bringing together the UK’s leading fuel retailer and its largest charging company, BP Chargemaster 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. 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.”

Customers will require convenient access to fast and ultra-fast charging as the adoption rate for EVs increases in the coming years, and with more than 1,200 service stations situated in the UK, BP says it is well positioned to provide this access. BP Chargemaster will roll out of ultra-fast charging infrastructure, including 150kW rapid chargers capable of delivering 100 miles of range in just 10 minutes. Customers in the UK can expect to access BP Chargemaster chargers on forecourts over the next 12 months.

David Martell, Chief Executive of Chargemaster said: “The acquisition of Chargemaster by BP marks a true milestone in the move towards low carbon motoring in the UK. 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.”

Upon completion of the transaction, Chargemaster employees will continue to be employed by BP Chargemaster or its subsidiaries. BP Chargemaster will operate as a wholly-owned BP entity.