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BP deal sends Nasdaq-listed electric vehicle charging stock Tritium surge


The need for new charging infrastructure in the UK is likely to grow ever more pressing in the coming years, not least because authorities want to stop the sale of new diesel and petrol cars and vans by 2030.

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Tritium and BP have struck a multi-year deal tied to the supply of electric vehicle chargers, in the latest example of how the energy majors are looking to cement their position in the booming electric vehicle market.

According to a statement released Monday by Tritium, the deal will initially be for an order of “just under 1,000 Chargers” for the UK, Australian and New Zealand markets.

The Australian company Tritium, founded in 2001, specializes in the development and production of DC fast chargers for electric vehicles. Shares of the Nasdaq-listed company rose more than 12% on Monday and opened flat on Tuesday. The stock is still down about 4% so far this year.

Towards the end of March, BP – which is best known for its oil and gas production – announced it would invest £1bn (around $1.3bn) in vehicle charging infrastructure based in the UK over a period of 10 years.

BP said the money would “enable the deployment of faster, ultra-fast chargers in key locations”. The company also said its charging business, known as BP Pulse, would “approximately triple its number of charging stations by 2030”.

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BP’s announcement came the same day the UK government published its electric vehicle infrastructure strategy, which predicted that the country would house around 300,000 public charging stations by 2030 “at a minimum”.

BP is not alone in trying to set a milestone in the electric vehicle charging market. Last January, Shell announced the opening of an “electric vehicle charging center” in London. Shell said it replaced petrol and diesel pumps at the site with what it called “super-fast charging stations”.

The fossil-fuel power plant aims to install 50,000 on-street charging stations by the middle of the decade through its subsidiary, Ubitricity.

The need for new charging infrastructure in the UK is likely to grow ever more pressing in the coming years, not least as authorities want to stop the sale of new diesel and petrol cars and vans by 2030. from 2035 the UK will require all new cars and vans to be zero tailpipe emissions.

According to figures from the Society of Motor Manufacturers and Traders released in early April, new battery electric car registrations in the UK reached 39,315 in March, a 78.7% year-on-year increase.

“This is the highest volume of BEV registrations ever recorded in a single month, and it means there were more in March 2022 than in all of 2019,” the SMMT said.


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