1:33 pm, January 25, 2021
Oil giant Shell has said it’s agreed to buy Ubitricity – the UK’s largest public electric vehicle charging network.
Shell plans to buy to 100 per cent of the German company as it seeks to expands its footprint in the electric vehicle charging sector, reported the Financial Times.
The purchase, for an undisclosed sum, is expected to be completed by the end of the year.
Ubitricity has a market share of 13 per cent and more than 2,700 on-street charging points on UK roads, many of which are on lamp posts.
Shell already has a network of 1,000 fast and rapid charging points at its fuel stations across the UK, and it said the deal will allow it to expand into the market of on-street charging.
Experts believe the on-street charging market is set to grow rapidly, as more drivers without off-street parking make the switch to electric vehicles.
A statement said: ‘This acquisition marks Shell’s expansion into the fast-growing on-street EV charging market and will provide critical competencies, helping Shell to scale its overall EV charging offer.’
Last month, BP announced it was combined its BP Chargemaster and Polar brands into one entity called BP Pulse.
BP acquired Chargemaster in 2018 for £130m.
Both Shell and BP have pledged to be net-zero emissions energy businesses by 2050 or sooner.
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