bp signs deal with Simon® to expand ultra-fast EV charging network in US
On July 10, 2024, bp (NYSE: bp) announced a significant deal with Simon Property Group (NYSE: SPG) to expand its EV charging network in the US. bp's global EV charging business, bp pulse, will install and operate over 900 ultra-fast charging bays at 75 Simon locations. The first of these charging sites will open in early 2026, supporting nearly every make and model of EVs.
Richard Bartlett, CEO bp pulse, emphasized the strategic alignment with Simon's properties, which span key US regions including the West Coast, East Coast, Sun Belt, and Great Lakes. This collaboration is part of bp's strategy to provide charging infrastructure where customers need it most. Supported by partners in real estate and utilities, bp pulse aims to optimize energy use on-site with its proprietary Omega energy management solution.
bp pulse plans to continue its global expansion, targeting markets with significant EV growth such as Germany, the US, the UK, and China. The company aims to grow its network to over 100,000 charging points worldwide by 2030.
- bp's deal with Simon Property Group will add over 900 ultra-fast EV charging bays at 75 locations across the US.
- The first charging sites are expected to open in early 2026, supporting almost all EV makes and models.
- This expansion aligns with bp's strategy to provide charging infrastructure in high-demand areas.
- bp pulse's proprietary energy management solution, Omega, will optimize energy usage on-site.
- bp pulse aims to expand its global network to over 100,000 charging points by 2030.
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Insights
bp's initiative to expand its EV charging network through a partnership with Simon Property Group is a strategic move that could significantly boost its growth trajectory. From a financial perspective, this collaboration is an efficient way for bp to leverage Simon's extensive real estate portfolio, thus ensuring high visibility and accessibility for the charging stations. This move aligns with bp's long-term vision of transitioning to an integrated energy company, investing heavily in its EV charging infrastructure.
Short-term, this partnership is expected to incur high capital expenditure due to the installation of over 900 ultra-fast charging bays. However, the strategic placement in premium shopping destinations could lead to a substantial increase in foot traffic, potentially generating higher revenue streams from both EV users and retail consumers. Long-term, this would likely position bp as a leading player in the rapidly growing EV market, thereby increasing investor confidence and possibly reflecting positively on bp's stock price as the market for EVs continues to expand.
Given the global focus on sustainability, this deal is likely to attract ESG-conscious investors, further strengthening bp's market position. However, investors should also consider potential risks such as execution delays, regulatory challenges and the evolving competitive landscape in the EV charging market.
The expansion of bp pulse's ultra-fast EV charging network through a partnership with Simon Property Group is noteworthy for several reasons. Firstly, it demonstrates bp's commitment to capitalizing on the growing demand for EV infrastructure in the United States, a market that is expected to see exponential growth in EV adoption over the next decade. By strategically placing these Gigahubs in Simon's high-foot-traffic locations, bp pulse is ensuring maximum usage and visibility.
Secondly, this partnership taps into the retail and consumer behaviors, as the charging stations are located in areas where people already spend considerable time. This could not only make charging more convenient but also increase the time spent at these retail locations, benefiting Simon Property Group as well.
Moreover, the use of bp pulse's Omega energy management solution to optimize energy usage on-site is another significant factor. This technology can lead to better energy efficiency and lower operational costs in the long run, enhancing the sustainability aspect of this endeavor.
For retail investors, the increasing number of EVs on the road signifies a growing need for accessible and efficient charging infrastructure. Hence, bp's proactive approach to expanding its EV charging network can be seen as a forward-thinking strategy aligned with future market demands.
- Ultra-fast bp pulse Gigahubs to be rolled out at 75 Simon® locations, adding over 900 charging bays across the US.
- bp pulse continues to leverage its leading global network and expertise to pursue disciplined growth in key markets like the US.
This deal will deliver over 900 ultra-fast charging bays that support nearly every make and model of EVs on the market today across all locations, with the first locations opening to the public in early 2026.
Richard Bartlett, CEO bp pulse said: "We're pleased to complete this deal with Simon and expand our ultra-fast charging network footprint in the US. The Simon portfolio aligns with bp pulse's strategy to deploy ultra-fast charging across the West Coast, East Coast, Sun Belt and Great Lakes, and we are thrilled to team up with Simon so that EV drivers have a range of retail offerings at their impressive destinations."
Chip Harding, Executive Vice President, Simon Brand Ventures said: "Simon is committed to offering best-in-class brands, amenities, experiences and sustainable practices to our shoppers and the communities that we serve. We look forward to expanding our EV charging options across the Simon portfolio with bp pulse."
This deal is part of the company's focus on delivering charging infrastructure in the locations customers want and need, through collaboration and new-to-industry builds. Simon destinations are just the latest sites identified for the bp pulse EV charging network in the US, following earlier announcements including the build out of the Gigahub network near airports and major metropolitan areas, and by installing EV charging across bp's significant branded convenience store and TravelCenters of America network.
Sujay Sharma, CEO bp pulse
bp pulse is supported by key partners who also have long-term commitments to enabling electrification solutions for consumers. These relationships include real estate partners who bring charging to where EV drivers need it, and utilities who ensure site power and permit approvals match the pace and scale of consumer demand.
The charging stations will be found via the Simon electric vehicle charging webpage, all major map platforms, and the bp pulse app. bp pulse's proprietary energy management solution, Omega, will optimize energy usage on site.
Note to Editors:
EV charging is one of bp's five transition growth engines, helping drive its transformation to an integrated energy company while also investing in today's energy system. bp pulse is focusing on four core markets that have the largest EV car parcs:
About Simon®
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across
Contact: Nicole Kennon, Director, PR & Communications, nkennon@simon.com, 704-804-1960
bp media Contact
- bp press office, US: uspress@bp.com
- bp press office,
London : bppress@bp.com
For more information visit bp.com
About bp pulse
bp pulse is bp's electric vehicle (EV) charging business. Focused on fast and reliable charging, bp pulse deploys charging points for EV drivers and commercial fleets on the go; at destination hubs, at the depot and bp retail sites.
Around the world bp pulse is partnering with some of the world's biggest businesses, while developing the Gigahub™ network, a series of large EV high-speed charging hubs in high-demand locations.
Electric vehicle charging is one of five growth engines of bp's transformation into an integrated energy company. The company has already installed more than 33,900 charge points and aims to expand its network of public EV charging stations to more than 100,000 worldwide by 2030.
For more information on bp, visit bp.com.
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SOURCE bp pulse
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