Oil Giants Enter EV Field
The Berlin-based company currently owns around 2,700 EV charging stations in the UK, which gives the business a 13% market share. Its business model proved to be a success as the EV startup cooperates with local government institutions to integrate charging stations into existing physical infrastructure.
“Working with local authorities, we want to support the growing number of Shell customers who want to switch to an EV by making it as convenient as possible for them. On-street options such as the lamp post charging offered by ubitricity will be key for those who live and work in cities or have limited access to off-street parking,” István Kapitány, Executive Vice President of Shell Global Mobility, said in a statement.
“Whether at home, at work or on-the-go, we want to provide our customers with accessible and affordable EV charging options so they can charge up no matter where they are.”
With this acquisition, the company has increased the number of EV charging stations for electric cars to over 3,700. The oil company is likely to ramp up the number of startup acquisitions as it works to become a net-zero business outfit by 2050.
“What excites so many people about ubitricity is that our integration of EV charge points into existing on-street infrastructure makes EV charging easy and accessible for everyone who needs it, where they need it. Particularly in larger cities where there is limited access to off-street parking, this is the solution many people have been waiting for to allow them to transition to EV ownership,” said Lex Hartman, ubitricity’s CEO.
“Combining this piece of the puzzle with Shell’s existing range of EV charging solutions gives EV drivers access to a full range of charging options, making Shell and ubitricity a perfect match.”
Shell’s rival, BP, acquired Chargemaster, which also operates a large number of EV charging stations across the country. The business agreed to pay $170 million to acquire Chargemaster, which at that time owned and maintained 6,500 chargers.
Shell stock price fell nearly 3% in Amsterdam today.
Shell is taking over EV startup ubitricity, which operates one of the largest electric vehicle (EV) charging networks in the UK.
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Adriana is a Journalist with a passion for reporting on business leadership, with a diverse interest in multiple industries.