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Big Oil’s Investment Risk Is Spiking

Big Oil’s Investment Risk Is Spiking

Oil majors have been a…

Shell Buys One Of Europe’s Largest EV Charging Networks

In one of Big Oil’s most significant deals in the electric vehicles market yet, Shell said on Thursday that it had signed an agreement to buy one of Europe’s biggest EVs charging networks, Netherlands-based NewMotion.

“Under the terms of the deal, NewMotion will continue business as usual as a wholly owned subsidiary of Shell,” the oil and gas supermajor said in its statement, which did not disclose the price of the acquisition.

NewMotion, launched in 2009, now has more than 30,000 private charge points across the Netherlands, Germany, France, and the UK. The Dutch company also provides access to a network of more than 50,000 public charge points across 25 countries in Europe for more than 100,000 registered charge cards.

“Today’s announcement is an early step towards ensuring customers can access a range of refuelling choices over the coming decades, as new technologies evolve to co-exist with traditional transport fuels,” said Shell’s Vice President for New Fuels, Matthew Tipper.

Sytse Zuidema, CEO of NewMotion, said, commenting on the deal:

“We are excited that our ongoing mission and belief in a transition towards less-polluting transport source has been endorsed so strongly by Shell, one of the world’s leading energy companies.”

Shell’s move into the EVs market—the market that analysts think will eat into global oil demand in the coming years and decades—is the clearest sign to date that oil firms have started to take the EV revolution seriously.

Just last week, Mark Gainsborough, Shell’s Executive Vice President of New Energies, said in an article:  

“We’re starting to provide electric-vehicle fast-charging on Shell retail sites and working on smart charging to help the electricity grid cope with the demands of battery electric vehicles.”

Related: OPEC Chief Urges U.S. Shale To Curb Oil Output

Shell has recently declared its support for clean energy, pledging US$1 billion a year on its New Energies division by the end of the decade.

“Shell’s concept for a retail station in the not-too-distant future, for example, sees conventional fuels being sold alongside hydrogen and expanded facilities for battery-electric vehicle drivers as they wait for a full charge,” John Abbott, Downstream Director at Shell, said in a speech at Imperial College, London, in May this year.

By Tsvetana Paraskova for Oilprice.com

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