BP is going all in on the future of mobility with a $1 billion bet on electric vehicles.
On Feb. 15, the company took a step further in its journey to become an integrated energy company with news that it plans to invest $1 billion by the end of 2023 on electric vehicle (EV) charge points across the United States.
The move builds upon its late 2022 partnership with Hertz to bring fast charging infrastructure to Hertz locations in major cities, including Atlanta, Austin, Boston, Chicago, Denver, Houston, Miami, New York, Orlando, Phoenix, San Francisco and Washington, D.C.
As Dave Lawler, chairman and president of BP America put it, it's all about faster. "We're bringing more fast-charging options to more Americans for faster EV adoption," he said.
BP's investment is a jaw-dropping number. It also follows on the heels of TravelCenters of America Inc.'s (TA) agreement with Electrify America to offer EV charging at select TA and Petro locations, with initial deployment planned for this year. Under the deal, TA will purchase Electrify America's direct current (DC) fast chargers, with the goal of installing approximately 1,000 individual chargers at 200 locations along major highways over the next five years.
What makes this more interesting is that BP and TA are joining forces in a pending $1.3 billion acquisition deal. It looks like BP is aiming to be in the driver's seat when it comes to the future of mobility. Buckle up, the mobility race is gaining speed.