bp Plans to Grow Its EV Charging Unit
HOUSTON — bp is looking to expand its U.S. electric vehicle (EV) charging unit following news that Tesla abruptly disbanded its own EV charging team.
"We are aggressively looking to acquire real estate to scale our network, which is a heightened focus following the recent Tesla announcement," a spokesperson for bp said in a statement.
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bp will prioritize its focus in the Northeast, West Coast, across and Sun Belt and in the Great Lakes region, the spokesperson added.
Tesla reportedly still plans to grow its Supercharger network at a slower pace for new sites, according to Reuters. However, this could present an opportunity for public EV charging networks such as EVgo and Chargepoint.
The 250-kilowatt bp pulse-branded chargers will be compatible with Tesla's North American Charging Standard as well as Combined Charging System connectors that enable the charging of EV models from other auto makers.
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In February 2023, bp announced plans to invest $1 billion in America's EV charging infrastructure by 2030, with $500 million invested in by the end of 2025. The company also shared commitments to deliver 3,000 charge points by 2025.
However, company sources informed Reuters that it has since cut more than a tenth of its EV charging business and left several markets after its rapid growth in commercial EV fleets failed to achieve expected results.
bp operates in 70 countries worldwide. The company has set out an ambition to be a net zero company by 2025. Five transition growth engines include: bioenergy, convenience, electric vehicle charging, renewables and hydrogen. The company currently has 29,000 EV charge points worldwide and aims for more than 100,000 globally by 2030, around 90% of which will be rapid or ultra-fast.