Petrochemical giant BP is buying Chargemaster, the UK’s largest electric vehicle (EV) charging network, for £130m.
Founded in 2008, Chargemaster runs POLAR, which now features more than 6,500 public charging points. The company has over 40,000 customers for the network, of which an increasing number choose to pay a monthly subscription and the remainder access on a pay-as-you-go basis.
Chargemaster is also a supplier of home charging points across the UK and is the charging partner for a number of car brands in the UK.
The company will be rebranded BP Chargemaster.
BP said the acquisition was an important move towards becoming a leading provider of energy to low carbon vehicles. The purchase echoes Shell’s recent acquisition of car charging company NewMotion.
A key priority for BP Chargemaster will be the roll-out of ultra-fast charging infrastructure, including 150kW rapid chargers capable of delivering 100 miles of range in just ten minutes.
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