BP acquires US electric vehicle charging supplier Amply Power

BP said on Wednesday it had acquired U.S. electric vehicle charging provider Amply Power as part of the company’s first major initiative in the United States to establish an electric charging network.

The U.K. oil and gas company plans to double the $ 5 million in profits it made in 2019 from its global convenience and mobility businesses by 2030 and generate returns of 15-20% while it plans to develop its global network of charging points for electric vehicles. at more than 70,000 against 11,000 today.

The acquisition of California-based Amply Power, for an undisclosed amount, will allow the US electric vehicle company to continue to operate independently as part of BP’s global business portfolio.

Richard Bartlett, senior vice president, future mobility and solutions at BP, said the company aims to accelerate electrification in the fast-growing fleet segment, “which is key to reducing emissions from the transportation sector – the largest contributor to greenhouse gas emissions in the United States “.

“As we continue to invest in new forms of infrastructure and technology to serve our global fleet customers, Amply Power offers an ideal opportunity to grow our EV business in the United States,” he said.

Electrification is at the center of the energy transition plans of European oil majors BP and Royal Dutch Shell, which are under increasing pressure from investors and consumers to stay abreast of the global transition to low-emission energy. of carbon.

The two companies are now focused on increasing adoption of electric vehicles by investing in charging networks in the UK and Germany.

UK new car registrations for battery electric vehicles, for example, doubled in November to 18.8% of all car registrations in November, from 9.1% a year ago, according to the Society of Motor Manufacturers and Traders.

Founded in 2018, Amply Power has raised approximately $ 14 million in funding and provides commercial vehicle operators with charging infrastructure, software and services to charge fleets that operate trucks, transit and school buses, vans and light vehicles.

Vic Shao, founder and chief executive of the electric charging company, said he aimed to accelerate the transition to electric fleets by providing operators with easy and cost-effective use of electric vehicles.

“Now, with the backing and backing of BP, we can extend our approach to reach new markets while bringing our unique expertise to BP’s broader electric fleet initiatives,” said Mr. Shao.

While BP already operates car charging points in the United States, the acquisition is a first step in recharging electric vehicle fleets in the country.

Last week BP announced plans to set up a large-scale green hydrogen production plant in Teeside, north-east England, generated using wind, water and solar power. to boost Britain’s transition to fossil fuels.

Update: December 8, 2021 9:43 a.m.

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