Automotive Electronics

BP set to Electrify the UK with the £130 Million Chargemaster Acquisition

BP has announced it is to buy the UK's largest EV charging company, Chargemaster, which operates over 6,500 charging points across the country. On completion of the deal, the company will be renamed BP Chargemaster, combining Chargemaster's extensive EV charging network with BP's 1,200 service stations, in a move that will widen access to electric vehicle charging in the UK.

Under its new name, BP Chargemaster will rollout ultra-fast charging infrastructure, including 150kW chargers capable of delivering 100 miles of range in just 10 minutes. BP's UK customers can expect to see BP Chargemaster chargers appearing on forecourts over the next 12 months.

Downstream chief executive Tufan Erginbilgic said: "At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles.

"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.

Founded in 2008, Chargemaster is involved in the development of EV charging points from design and build to sales and operation and runs POLAR, the largest public charging network in the UK used by 40,000 customers.

Chief executive of Chargemaster David Martell, said "The acquisition of Chargemaster by BP marks a true milestone in the move 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."

Energy transition

The acquisition adds to the growing number of investments by BP in electric vehicle technology and infrastructure and builds on plans to extend the range of fuels on offer for its customers changing needs.

"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," said Erginbilgic.

The number of electric vehicles on the road is anticipated to increase rapidly in coming decades. Figures from BP's Energy Outlook 2018 estimates there will be twelve million electric vehicles on the UK roads by 2040.

UK consumers have shown a strong appetite for electric vehicles which for BP represents a strong test-bed for possible replication in markets in Europe and worldwide.

Upon completion of the transaction Chargemaster employees will continue to be employed by BP Chargemaster, a wholly owned BP entity.

BP plc , Chargemaster
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