BP bets on electric car boom

British energy major BP on Thursday bought the nation's largest electric vehicle charging firm, as it bets on booming demand in the coming decades.
The announcement mirrors similar moves by Anglo-Dutch rival Shell and France's Total to expand into the charging of electric vehicles (EVs) which experts forecast will surge in popularity.
"BP announced that it has entered into an agreement to purchase Chargemaster, the UK's largest EV charging company," the London-listed group said in a statement, adding it would focus on ultra-fast charging that lasts ten minutes for a 100-mile (161-kilometre) range.
The deal for an undisclosed amount will see BP expand its rapid charging network at the company's 1,200 petrol stations across Britain.
"Electric vehicle sales are increasing around Europe they are still accelerating quite quickly," said professor Dave Greenwood, automotive expert at Warwick University.
"Having an ability to do a fast charge could be a relatively attractive model," he told AFP.
BP aims to become the top provider of energy to low carbon vehicles, and comes amid UK government legislation to encourage greener transport.
"Fuel companies are clear that they need to know much more about this," added professor Peter Wells at Cardiff University.
The sector is also "very concerned about the whole carbon agenda" as it seeks to drive down carbon emissions.
"The amount of money that's being spent (by BP) is not great. It's a toe in the water - but it could easily be a launchpad," Wells added.
Chargemaster was founded ten years ago and now operates 6,500 electric car charging points across Britain, making it the number one UK player.
The company - based in Luton north of London - designs, builds, sells and maintains charging units.
BP meanwhile predicts the number of electric automobiles on UK roads will soar to 12 million by 2040. That contrasts with around 135,000 in 2017.
Greenwood said the 2040 forecast was in line with current UK legislation targets.
"The UK government has stated that all new cars will need to be electric or long-range plug-in hybrid by that point. Both of those need fast charging," he told AFP.