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| BP buys UK's largest car charging firm Chargemaster | BP buys UK's largest car charging firm Chargemaster |
| (about 2 hours later) | |
| Oil giant BP is buying the UK's largest electric charging network, Chargemaster, for £130m. | |
| BP runs 1,200 petrol forecourts, but said earlier this year it expected renewable energy to be the fastest-growing fuel source. | BP runs 1,200 petrol forecourts, but said earlier this year it expected renewable energy to be the fastest-growing fuel source. |
| It said the number of electric vehicles in the UK is set to grow from 135,000 at present to 12 million by 2040. | It said the number of electric vehicles in the UK is set to grow from 135,000 at present to 12 million by 2040. |
| The move echoes one made last year by rival Shell, which bought car charging company NewMotion. | The move echoes one made last year by rival Shell, which bought car charging company NewMotion. |
| All leading car manufacturers are moving into electric vehicle production. Volkswagen, the world's biggest carmaker, has said it will offer an electric version of all its 300 models by 2030. | All leading car manufacturers are moving into electric vehicle production. Volkswagen, the world's biggest carmaker, has said it will offer an electric version of all its 300 models by 2030. |
| Chargemaster, which will be rebranded BP Chargemaster, currently has 6,500 charging points and also sells electric vehicle charging points for home use. | Chargemaster, which will be rebranded BP Chargemaster, currently has 6,500 charging points and also sells electric vehicle charging points for home use. |
| BP said the acquisition was an important move towards the company becoming the leading provider of energy to low carbon vehicles. | BP said the acquisition was an important move towards the company becoming the leading provider of energy to low carbon vehicles. |
| Analysis: By Theo Leggett, business correspondent | |
| For a global giant like BP, £130m is small change. But the acquisition of Chargemaster could turn out to be lucrative. | |
| The logic is simple. Electric cars aren't yet a very common sight - but they're expected to become much more so. | |
| BP itself thinks there will be 12 million on UK roads by 2040. They'll need access to chargers. | |
| Meanwhile, BP has a network of 1,200 service stations - and those service stations are also retail outlets. | |
| If a third of drivers no longer need to visit them, they'll become a lot less profitable. | |
| That's why BP says a major goal of the deal is to step up the deployment of fast and ultra-fast chargers on UK forecourts. | |
| It will give those millions of drivers a reason to keep on visiting - and help keep the tills ticking over. | |
| David Nichols, a spokesman for BP, told the BBC: "We have no doubt that the electric vehicle market is growing and will become a significant part of the transport sector in future. | |
| "Chargemaster is a leader in the UK market. We want to learn from them, and eventually, yes, grow the business worldwide." | |
| It said one of its goals was to speed up charging capability to enable chargers capable of delivering 100 miles of range in within 10 minutes. | It said one of its goals was to speed up charging capability to enable chargers capable of delivering 100 miles of range in within 10 minutes. |
| Chargemaster, which was founded in 2008, runs POLAR, the largest public charging network in the UK. It has more than 40,000 customers, some of whom pay by monthly subscription. | Chargemaster, which was founded in 2008, runs POLAR, the largest public charging network in the UK. It has more than 40,000 customers, some of whom pay by monthly subscription. |