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Shell Petroleum To Move Towards EV Charging Space — Open To Partner With Car Brands
Shell Petroleum is looking at expanding into the electric vehicle charging solutions aside from its conventional petrol bunks. The petroleum company hopes to achieve this by partnering with various car brands to enter the electric mobility space.
The entry of Shell into new avenues is also to rival BP and its growth in the EV sector. The oil company recently bought Greenlots - US-based charger suppliers for brands like Volvo and the US subsidiary of Volkswagen.
Mark Gainsborough, Vice President, Shell New Energies Operation, stated, "We recognise that the customers are not just necessarily going to go to recharge just at retail sites, they're going to want to charge at work and home, so we're moving into this space."
The International Energy Agency estimated that the number of electric cars on the public streets will increase to 125 million by 2030. This will lead to a boost in the overall demand for electric vehicle chargers.
Shell first entered the electric mobility foray in 2017, when it acquired NewMotion - Europe's largest EV charging networks. The company later secured a deal with IONITY joint venture between BMW, Daimler, Volkswagen and Ford.
Gainsborough further added, "It's difficult to be specific on how much we will invest because the market is so young. But if we see EV charging growing and the opportunities growing faster, we're ready to direct more of our investment into that."
"We talk to all of the auto manufacturers, they're all potential customers and partners for us. This is a space where we will have lots of partnerships, they won't always be exclusive. For the most part, it's difficult to have fully exclusive relationships and the industry will develop through partnerships and consortiums involving several manufacturers that work together for fast charging."
Thoughts On Shell Entering The EV Charging Space
Shell petroleum is one of the major oil companies, present across the globe including India. With the importance of electric vehicles steadily gaining momentum, more petroleum and oil companies are realising the importance to shift towards the EV space. Many companies, apart from car brands are also looking to enter this growing sector.
Source: Reuters
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