Shell to buy UK's largest EV charging operator

Royal Dutch Shell has agreed to purchase Ubitricity, who currently operates the UK's largest electric vehicle charging network, for an as-yet-undisclosed sum.

The Berlin-based firm currently owns 2,700 charging stations across the UK, integrated into street infrastructure such as lamp posts, with a roughly 13% market share.

Read more: European electric & hybrids market "almost equal with China", figures show

This ease-of-access helps consumers who do not have access to private charging stations.

Shell announced the acquisition would help them break into the street charging market. The company already has more than 1,000 fast and ultrafast charging points across 430 retail stations as well as a greater number operated through various partnerships with other companies.

It is one of several oil companies looking for overhaul its business as it seeks to embrace what they refer to as an "energy transition."

The oil giant has set itself a goal of being completely net-neutral by 2050.

Shell’s executive vice-president of global mobility, István Kapitány, said: “Working with local authorities, we want to support the growing number of Shell customers who want to switch to an EV by making it as convenient as possible for them.

“On-street options such as the lamp post charging offered by Ubitricity will be key for those who live and work in cities or have limited access to off-street parking.”

Both investors and environmental activists have long called for companies operating using traditional fossil fuels to curb the effect their businesses have on climate change.

Many of Europe's largest energy players have made efforts in recent years to clean up their businesses, a trend that has only been hastened owing to the effects the coronavirus pandemic has had on fossil fuel markets.

However, it will be a number of years before electric vehicle market share will be enough to dwarf those of traditional combustion engines.

Read more: EVs set to dominate new car market by 2050 but oil will remain king

Sales of electric vehicles across Europe tripled in 2020, but there is still a long way to go before the automotive sector becomes fully sustainable.

The world is currently facing a semiconductor shortage, which may hinder attempts to meet the climate targets of a number of automakers and government.

The UK has vowed to ban the sale of new fully-petrol and diesel vehicles within the country by 2030, which has been followed up with subsequent bans from other countries such as Portugal.

This has been met with praise from some officials within the automotive sector, who claim stimulus packages for electric vehicles are not enough to allow them to dominate the market in a timely manner.

It is likely this action is what has finally spurred companies such as Shell to look to making their businesses fully sustainable.

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