BP to Invest £1B to Triple Its UK EV Charging Network

British oil and gas giant BP (BP) has announced a plan to invest £1 billion to expand its electric vehicle (EV) charging infrastructure in the UK over the next decade. The company aims to meet the country’s fast-growing demand for EV charging as well as support the transition to low-carbon transportation.

BP provides EV charging services under the BP Pulse brand, and its customers include consumers and fleet operators. Through this investment, BP Pulse aims to triple its current number of public charging points in the UK by 2030.

The investment would also help it accelerate the rollout of ultra-fast charging points that can provide up to 100 miles of driving range in 10 minutes. Further, the company says the investment would create hundreds of new jobs in the UK.

BP Pulse operates the largest public EV charging network in the UK. It aims to help speed up the rollout of EV charging solutions to businesses in the UK. Towards that end, the BP unit is working with Royal Mail, Uber, and others in London and Scotland.

Senior Vice President of BP Pulse, Richard Bartlett, said, “We’re investing to build a world-class network. This investment allows us to deliver more. More high-speed charging in dedicated hubs and on existing fuel and convenience sites. More home charging services. And crucial enhancements to our digital technology that will make charging fast, easy and reliable.”

Emma Delaney, BP’s head of customers and products, told Reuters in January that the company’s EV charging business was about to become more profitable than refueling a car with petrol.

Wall Street’s Take

The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on six Buys, three Holds, and one Sell. The average BP price target of $36.17 implies 16.5% upside potential to current levels. Shares have increased 15% year-to-date.

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in BP is currently Very Positive, as 11 hedge funds increased their cumulative holdings of the stock by 1.4 million shares in the last quarter.

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