bp plans $1bn in EV infrastructure investment

Oil and gas major, bp, has unveiled plans to invest $1 billion in the deployment of electric vehicle (EV) charge points in the US by 2030. As part of this effort, the company will team up with Hertz to deploy fast charging infrastructure in its locations across major cities in the US, such as Austin, Boston, Denver, and New York City. The collaboration will also see bp and Hertz establish large-scale fast charging hubs, known as gigahubs, at high-demand locations, including airports, to serve taxi and rideshare drivers, car rental customers, and the public.

The investment is aimed at bolstering bp’s ability to provide lower-carbon transportation options for customers by expanding its strategic convenience sites and EV charging infrastructure. The company aims to have more than 100,000 EV charge points globally by 2030, with about 90% being rapid or ultra-fast. With EV charging listed among bp’s strategic transition growth engines, the company anticipates a significant increase in its investment in these businesses throughout the decade.

The announcement builds on an MOU between Hertz and bp in 2022, which sought to establish a network of EV charging stations across Hertz’s US locations, powered by bp Pulse, the company’s electrification and charging solution. Hertz plans to add tens of thousands of EVs to its rental fleet from Tesla, GM, and Polestar and is committed to ensuring that a quarter of its fleet comprises electric cars by the end of 2024. Hertz also runs a public-private partnership called Hertz Electrifies, which supports the adoption of EVs across different communities in the US.

In conclusion, the $1 billion investment into EV charging infrastructure by bp signals the company’s commitment to achieving its lower-carbon targets and offering low-carbon transportation options to its customers.