BP deal sends Nasdaq-listed EV charging stock Tritium surging
In the coming years, the UK will need to invest in new charging infrastructure. This is not surprising considering that authorities plan to ban the sale of gasoline and diesel cars by 2030.
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Tritium BPThey have signed a multiyear agreement for the supply of chargers for electric vehicles. This is the latest sign of energy giants trying to consolidate their positions in the rapidly growing EV market.
Tritium issued a statement Monday stating that initially, an order of just under 1000 chargers will be placed for Australia, New Zealand and the U.K.
Tritium Australia, which was founded in 2001, specializes on the production and development of fast-charging direct current chargers for EVs. Nasdaq listed shares of Tritium rose over 12% Monday. They opened flat Tuesday. The stock remains at a low of 4% for the year.
Toward the end of March, BP — which is better known for its oil and gas production — said it would invest £1 billion (roughly $1.3 billion) in U.K.-based electric vehicle charging infrastructure across a 10-year period.
BP claimed that it would use the money to “enable deployment of ultra-fast and rapid chargers in critical locations”. BP Pulse, the company’s charging service, also stated that it would increase its total number of charging points “approximatively by threefold” by 2030.
BP announced its decision on the same date that the U.K. published their electric vehicle infrastructure strategy. This stated that it expects the country to have approximately 300,000 chargepoints for public use by 2030.
BP’s efforts to establish a standard in electric vehicle charging are not unique. It was January. ShellLondon opened an “EV charging center” Shell claimed that it has replaced petrol and diesel pumps on the site by “ultrarapid chargerpoints”.
Through its subsidiary Ubitricity, the fossil fuel powerhouse aims to install 50,000 street chargers before the end of the decade.
In the UK, the need to build new charging infrastructure is expected to grow in the coming years. This is due to the fact that authorities plan to ban the sale of gasoline and diesel cars by 2030. The U.K. is going to require that all new vehicles and cars have zero tailpipe emissions by 2035.
Figures from the Society of Motor Manufacturers and Traders were published in April. They show that new electric vehicle registrations increased by 78.7% year-on–year in March.
The SMMT stated that this is the largest number of BEV registrations in a single monthly, which means more BEVs were registered in March 2022 as compared to the entire of 2019.