BP to buy electric vehicle charging company Chargemaster
BP is to acquire Chargemaster, credited with being the UK’s largest electric vehicle charging company, which controls 6,500 points across the country.
As a result of the transaction, Chargemaster – which also designs, builds, sells and maintains EV charging points – will rebrand to BP Chargemaster.
Tufan Erginbilgic, chief executive, BP downstream, commented on the news : “Bringing together the UK’s leading fuel retailer and its largest charging company, BP Chargemaster will deliver a truly differentiated offer for the country’s growing number of electric vehicle owners.
“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.”
The news comes as the number of EVs on the road is expected to increase over the coming decades.
According to BP, there will be 12 million EVs on UK roads, a significant increase from approximately 135,000 last year.
Founded a decade ago, Chargemaster runs POLAR, the charging network, which and has over 40,000 customers.
David Martell, chief executive of Chargemaster, 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.”
Once the transaction completes, Chargemaster’s employees will continue to be employed by BP Chargemaster or its subsidiaries.
Malcolm Moss, founding partner at Beringea and former board director of Chargemaster, also spoke about the news: “Beringea and Chargemaster have worked together to make vital progress towards the creation of accessible and affordable charging infrastructure in the UK.
“As demand for electric vehicle ownership increases and as lawmakers move to support low-emission technologies, we have helped to build a pioneering company with the foundations of an international success story.”
Beringea invested in Chargemaster four years ago. Upon completion of the transaction, Chargemaster employees will continue to be employed by BP Chargemaster or its subsidiaries. BP Chargemaster will operate as a wholly-owned BP entity.