Economics
In the News
Vertical integration: BP buys Chargemaster
29th June 2018
Expect a lot more of this as petroleum companies adjust their sights to the rapid growth of electric vehicles. BP has acquired Chargemaster which is the UK's largest car charging firm which operates the POLAR charging network across the UK. Consider the commercial drivers behind this decision. As demand for petrol and diesel cars falls away, BP will need to fully embrace the electric vehicle and the associated infrastructure needed to maintain the profitability of their retail outlets. Consider for example the opportunities for car valeting and coffee shops in the 10-30 minutes that might take to fully charge a vehicle operating on the motorway network.
150Kw (100miles in 10min) chargers are to be fitted at BP Filling Stations.
In a similar move, Shell bought New Motion, a rival charging company in 2017.
BP buys UK's largest car charging firm Chargemaster https://t.co/b0lZbaZP6I
— BBC Business (@BBCBusiness) June 28, 2018
We are very excited about becoming part of BP, which is advancing the energy transition through reducing emissions in its operations, improving its products and creating low carbon businesses, like BP Chargemaster https://t.co/8mNnJgQqHf pic.twitter.com/soNxIvZNUH
— bp pulse (@bppulseuk) June 28, 2018
BP is to pay £130m to buy Chargemaster, the company behind the UK's largest network of charging points for electric-powered vehicles https://t.co/iknNa2S3xy
— Sky News (@SkyNews) June 28, 2018
“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 exciting new electric vehicles.” https://t.co/mJs2RiEVeA
— Tom Callow (@au_tom_otive) June 28, 2018
⚡🚗 “Bringing together the UK’s leading fuel retailer & its largest charging company, BP Chargemaster will deliver a truly differentiated offer for the country’s growing number of #ElectricVehicle owners.” Tufan Erginbilgic, chief executive, BP downstream. #EVs pic.twitter.com/LBzurTB4W0
— bp (@bp_plc) June 28, 2018
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