BP is to snap up Chargemaster, the UK’s largest electric vehicle charging company, in a deal that it said would advance the transition to electric transport.
The deal will see BP take on Chargemaster’s 6,500 charging points that make up its UK charging network, POLAR.
But crucially, the transaction will also see Chargemaster rollout ultra-fast charging infrastructure.
Chargemaster will be renamed BP Chargemaster following the deal’s completion, and BP Chargemaster chargers will appear on BP’s 1,200 forecourts in the coming year.
BP’s downstream chief executive Tufan Erginbilgic said that it was his company’s belief that fast and convenient charging is “critical” to support EV adoption.
“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,” he said.
Meanwhile David Martell, chief executive at Chargemaster, said that the deal was a “true milestone” in the transition 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.”
BP also placed the deal within the wider context of the global transition to decarbonised, decentralised power, a transition it is moving to exploit.
It bears a number of similarities to the £148 million it struck at the turn of the year to acquire a 43% stake in solar developer Lightsource – since renamed Lightsource BP – and Erginbilgic was keen to put this transaction in a similar context.
“A key part of BP’s strategy to advance the energy transition is to develop new offers to meet changing customer demand and grow new businesses that support customers to reduce their emissions,” he said.
No financial terms of the deal have been disclosed, however it has been confirmed that Chargemaster employees will remain at the company.
More to follow…