British energy major BP bought the nation's largest electric vehicle charging firm on Thursday, as it bets on booming demand in the coming decades.
The announcement mirrors similar moves by Anglo-Dutch rival Shell and France's Total to expand into the charging of electric vehicles (EVs), which experts forecast will surge in popularity.
"BP announced that it has entered into an agreement to purchase Chargemaster, the UK's largest EV charging company," the company said in a statement, adding that it would focus on ultra-fast charging that lasts ten minutes for a 100-mile (161-kilometer) range.
The deal for an undisclosed amount will see BP expand its rapid charging network at the company's 1,200 gas stations across Britain.
"Having an ability to do a fast charge could be a relatively attractive model," said professor Dave Greenwood, automotive expert at Warwick University.
BP aims to become the top provider of energy to low carbon vehicles, and comes amid UK government legislation to encourage greener transport.
Chargemaster was founded ten years ago and now operates 6,500 electric car charging points across Britain, making it the number one UK player. The company—based in Luton north of London—designs, builds, sells, and maintains charging units.
BP meanwhile predicts the number of electric automobiles on UK roads will soar to 12 million by 2040. That contrasts with around 135,000 automobiles in 2017.
Greenwood said the 2040 forecast was in line with current UK legislation targets.
"The UK government has stated that all new cars will need to be electric or long-range plug-in hybrid by that point. Both of those need fast charging," he said.
The news comes as the auto industry ramps up production of electric vehicles like mass-market Leaf model from Japanese carmaker Nissan.
"Major players like Renault and Nissan are saying that they are making money after ten years of investment in electric technology," said professor Peter Wells at Cardiff University, adding that Chinese players were also getting involved.
"In terms of EVs, this is a big moment. I think we are going to see that transition from niche into almost day to day product."
(Source: Agence France-Presse)
