BP acquires UK’s biggest charging network operator Chargemaster

BP acquires UK’s biggest charging network operator Chargemaster

Energy giant BP has recently announced the acquisition of Chargemaster, the leading charging network operator in the UK. The value of the acquisition deal, which underscores the latest effort by BP in electric-vehicle (EV) arena, reportedly is £130 million.

The acquisition marks a noteworthy move by BP, especially given the fact that Chargemaster is currently operating over 6,500 EV charging points across the UK. In addition, the company is also involved in design and production of EV charging units which can be installed across forecourts and private homes.

According to the information shared by BP, the Chargemaster acquisition deal was part of the oil major’s promise to make a yearly investment of $500 million into low-carbon assets.

BP also added that the acquisition of Chargemaster will also enable the company to undertake a significant expansion and installation of ultra-fast EV charging network on 1,200 BP service stations in the UK.

Moreover, since there is presently no certainty about the outcome of the global energy transition towards emission-free fuels, BP’s Downstream Division Chief Tufan Erginbilgic said that the Chargemaster acquisition and other smaller, “strategic” deals will give BP the ability to thrive amidst the changing energy mix and potentially disruptive technological advances.

Erginbilgic asserted that BP wants to have “the leading position in the UK, whatever the fuel choice our customers have.”