BP getting charged up with electric motor move

Oil major BP has agreed to buy the UK’S largest electric vehicle charging firm as it looks to tap into an expected surge in demand for electric cars.

Chargemaster has more than 6,500 charging points across the UK, while it also designs, builds, sells and maintains electric vehicle charging units across a raft of locations, including for home charging.

BP plans to roll out Chargemaster’s charging points at its 1,200-strong network of service stations across the UK over the next 12 months.

The deal – for an undisclosed sum – sees BP bet on increasing demand for electric vehicles, with the firm estimating the number on UK roads will surge from 135,000 in 2017 to 12 million by 2040.

Tufan Erginbilgic, chief executive of BP’S downstream arm, said: “At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles.”

A key priority for BP Chargemaster will be the roll-out of ultra-fast charging infrastructure.