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England UK: BP’s Investment In Chargemaster To Boost EV Industry

England UK: BP’s Investment In Chargemaster To Boost EV Industry

Fuel giant BP’s decision to acquire the UK’s largest electric charging network, Chargemaster, is anticipated to contribute a significant development for the EV industry.

InstaVolt chairman Adrian Pike, suggested that the deal, supposedly worth around £130m, would fast-track the growth of the country’s charging infrastructure and underline the industry’s credibility with the City.

With demand for fuel forecast to peak as early as the end of the next decade, BP, like its rivals Shell and France’s Total was planning to use its global network of fuel stations to carve out a position in the EV market. From just 1 million in 2016, BP forecasts that the global EV fleet will soar to more than 300 million by 2040, and said it plans to deploy chargers across its 1,200 fuel service stations in Britain over the next 12 months.

Adrian Pike said: “This move by BP is further evidence that the big retail fuel operators are waking up to the electric vehicle revolution. At InstaVolt, we’re seeing increasing numbers of retail fuel operators coming to us asking to install rapid chargers on their sites. The fact that we can help them adapt to this rapidly developing industry, without any capital outlay and allowing them to earn a rental income at the same time, explains our growing order book.

“We don’t just make it easy for the retail fuel operators to install rapid chargers on their sites, we also make it easy for drivers to charge on the go. Our charging stations are available to use on a pay-as-you-go basis, with no subscription or membership required. Drivers simply tap their contactless credit or debit card, charge up and go.”

He added that their unrivalled maintenance and support offering, available 24 hours a day, means that their customers can turn up at an InstaVolt charger confident that they can charge up without worry that the charger will be out of service. Once drivers can put their trust in the infrastructure, electric vehicle adoption will really begin to ramp up, and existing fuel stations have a role to play in this. Environment responsibilities are taken seriously too. All of the electricity provided by their chargers comes from 100 per cent renewable sources.

“We welcome BP’s move as a signal that the big fuel companies understand the potential of the electric vehicle revolution. As InstaVolt approaches its second anniversary, we’re forging ahead building the UK’s most reliable rapid charging network and look forward to the next months and years as the electric vehicle revolution continues at pace,” concluded Adrian Pike. PWKD03072018

Last modified onTuesday, 03 July 2018 04:30
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