Vitol has announced a new agreement with China-headquartered BYD to allocate an initial US$250 million to further expand electric vehicle infrastructure in some markets, particularly in Latin America.
“Together they will offer municipal, corporate, and others a comprehensive solution including electric vehicles, charging infrastructure and depot design,” a statement released by the firm indicated.
Vitol is in the process of deploying more than 300 electric buses in Bogota, Colombia. The firm is also looking out for additional opportunities in South America and beyond.
The firm sees this new partnership as an opportunity to expand its fleet and operations in its markets, especially as EV infrastructure development has been proven as an effective way to improve readiness among users and customers in most markets.
“We are excited by the potential and intend to grow our fleet tenfold in the coming years,” Andrew de Pass, Vitol’s head of renewables, said in the statement.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.