London — BP plans to acquire the UK’s largest electric vehicle (EV) charging company, the latest in a string of acquisitions by major oil companies in the growing market for greener transport. BP entered into an agreement to buy Chargemaster, which has 6,500 charging points across the UK It didn’t disclose terms of the deal, but BP has previously said it plans to spend about $500m a year on clean energy. Customers will see the new chargers in its forecourts over the next 12 months. "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," said Tufan Erginbilgic, CEO of BP downstream. "And to BP, becoming the leading provider of energy to low-carbon vehicles, on the road or at home." Integrated oil companies are facing rising pressure from investors and activists to prepare for a future with declining fossil fuel demand. BP has focused its efforts on making small inv...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.