British Petroleum (BP) has announced that it has agreed to acquire Chargemaster, the largest electric vehicle (EV) charging company in the UK, marking a significant step in its aim of becoming a leading supplier of EV charging infrastructure.
Chargemaster currently operates 6,500 different charging points across the UK, designing, building and maintaining the units across a range of locations, including offering home charging facilities.
“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,” said Tufan Erginbilgic, CEO of BP Downstream.
BP anticipates that the market is expected to explode in the coming years and that by 2040 there will be approximately 12mn EVs on UK roads, up from the 135,000 recorded in 2017.
The acquisition of Chargemaster, the financial details of which were not disclosed, will place BP in a strong position in order to capitalise on this growth moving forward.
“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,” said David Martell, CEO of Chargemaster.