BP to spend £1B in new EV charging infrastructure for U.K.
Mar. 25, 2022 10:28 AM ETBP p.l.c. (BP)
By: Carl Surran, Seeking Alpha News Editor
BP (BP +0.4%) said it plans to spend £1B ($1.32B) to expand electric vehicle charging in the U.K. over the next 10 years to meet growing demand for green power.
The company said the investment through its BP Pulse EV charging business will triple the number of public charging points in its U.K. network with 300 KW and 150 KW ultra-fast charging points.
Separately, BP announced a strategic partnership with Japan's Marubeni to focus on offshore wind development, including the purchase of a 49% stake in an offshore project proposed off Japan's coast, and potentially look at "other decarbonization projects, including hydrogen."
BP recently committed to cutting operational emissions in half by 2030, compared with a previous target of a 30%-35% reduction, en route to its goal of reaching net-zero emissions by 2050.