bp boosts EV charging network with $100 million order of Tesla ultra-fast chargers

Rhea-AI Summary

bp pulse, bp's EV charging business, will acquire ultra-fast charging hardware units from Tesla for $100 million. Tesla chargers will be installed across the bp pulse network, including at key sites across the bp family of brands. The roll-out is planned to begin in 2024.

Positive

• bp pulse will acquire ultra-fast charging hardware units from Tesla for $100 million
• Tesla chargers will be installed across the bp pulse network

Negative

• None.

• Deal with bp pulse marks first time Tesla's ultra-fast chargers will be purchased for deployment on an independent EV charging network.
• Agreement forms part of bp's plans to invest up to $1 billion in EV charging across the US by 2030.
• bp pulse, bp's EV charging business, has already installed more than 27,000 charge points and aims to roll out more than 100,000 globally by 2030.
• As early as 2024, Tesla chargers will be installed across the bp pulse network, including at key bp, Amoco, ampm; and Thorntons-branded sites, TravelCenters of America locations and at bp pulse's large-scale Gigahub™ charging sites, near airports and in major metropolitan areas across the US.

HOUSTON, Oct. 26, 2023 /PRNewswire/ -- Today bp (NYSE: bp) announced a deal in which bp pulse, bp's EV charging business, will acquire ultra-fast charging hardware units from Tesla (NASDAQ: TSLA) for $100 million. The investment will facilitate the expansion of the bp pulse public network across the US, while also enabling support for EV fleet customers by deploying chargers at their private depots. The introduction of Tesla's chargers to the bp pulse network is the first time the hardware will be purchased for an independent EV charging network.

The roll-out is planned to begin in 2024 and locations will include key sites across the bp family of brands, including TravelCenters of America, Thorntons, ampm; and Amoco, as well as at bp pulse's large-scale Gigahub™ charging sites in major metropolitan areas and at third-party locations, such as Hertz locations, as part of previously announced collaborations. The first installation sites have been identified in Houston, Phoenix, Los Angeles, Chicago; and Washington D.C.

Tesla's chargers will also be deployed at select bp pulse fleet customer depots. By pairing bp pulse's industry-leading, intelligent charge management software, Omega, with Tesla's fast and reliable chargers, bp pulse gains the distinctive capability to oversee the entire charging process for EV fleets, providing a comprehensive solution for its fleet customers.

"Strengthening the bp pulse network with Tesla's industry-leading hardware is a major step forward in our ambitions for high speed, open access charging infrastructure in the US and advances our ambition to delivering an exceptional customer experience," said Richard Bartlett, global CEO of bp pulse. "Combined with our vast network of convenience and mobility sites on and off the highway, this collaboration with Tesla will bring fast and reliable charging to EV drivers when and where they need it."

The Tesla ultra-fast chargers, which have an output of 250 kW, will be branded, installed and operated by bp pulse. The chargers will be fitted with Tesla's 'Magic Dock', which is compatible with both North American Charging Standard (NACS) and Combined Charging System (CCS) connectors. This enables EVs from other major vehicle manufacturers to use the Tesla chargers on the bp pulse's network, regardless of whether they use CCS or NACS ports. To further improve user experience, the Tesla chargers will support use of the Plug and Charge protocol, which simplifies and automates payments.  As is Tesla's current policy, third-party operated ultra-fast chargers meeting Tesla's reliability and functionality requirements are featured in Tesla's vehicle UI and apps, and bp pulse expects to uphold those requirements on its network.

Rebecca Tinucci, Tesla's Senior Director of Charging Infrastructure said: "At Tesla, we're driven to enable great charging experiences for all EV owners. Selling our fast-charging hardware is a new step for us, and one we're looking to expand in support of our mission to accelerate the world's transition to sustainable energy. We appreciate bp's partnership in this area – it's the right step towards a more sustainable future. "   

"This is another example of how bp pulse is collaborating with leaders across the industry, in areas including real estate, charging technology and automakers, to advance EV infrastructure growth across the US, and to deliver the fast and reliable charging experience we know our customers demand." said Sujay Sharma, CEO bp pulse Americas. "We remain open and committed to expanding alliances with EV industry leaders even further and we look forward to welcoming the growing number of EV drivers across the country to our network."

In addition to this deal with Tesla, bp pulse aims to continue deploying additional fast and reliable charging points at high-demand locations, such as airports, major metropolitan areas, and bp-owned and properties along Alternative Fueling Corridors. Furthermore, bp has been awarded grant funds through programs like National Electric Vehicle Infrastructure (NEVI) and California Energy Commission (CEC) to provide charging infrastructure at sites in California, Pennsylvania, Colorado; and Kentucky. 

In February 2023, bp announced plans to invest $1 billion in America's EV charging infrastructure by 2030 with an aim of investing $500 million in the next two to three years. Our five transition growth engines -- bioenergy, convenience, EV charging through our charging business bp pulse, hydrogen, renewables and power -- made up around 30% of bp's total investment in 2022, up from around 3% in 2019.

Notes to editors:

• bp pulse is plugging in high-speed charging points in the right locations to boost consumer confidence in driving electric.
• Since 2019, we've increased our charge points by 150% worldwide and we are continuing to grow our network in Germany, China, the UK, Europe, the US, Australia and more.
• Almost all new public charge points that bp pulse rolls out now are rapid (>50kw) or ultra-fast (>150kw) – it is what our customers want.
• In the UK, bp pulse is one of the largest charging point operators.
• In Germany, Aral pulse, is one of the largest ultrafast charge point operators and has been awarded best charge point operator in the country following connect' s 2023 charging network test (German) - Test winner Aral pulse offers customers the best charging experience | Press | Home
• In the US, bp pulse also provides EV charging and energy management to fleets that operate heavy-, medium- and light-duty vehicles. Key offerings for these fleets include intelligent charge management software, Omega, and a Charging-as-a-Service solution–allowing bp pulse to manage the charging of an EV fleet from start to finish, while optimizing energy costs and vehicle utilization.

Further information:
bp press office US, USPRESS@bp.com
bp press office, London, bppress@bp.com, +44 7919 217511

About bp
bp's purpose is to reimagine energy for people and our planet. It has set out an ambition ‎to be a net zero company by 2050, or sooner and help the world get to net zero, and a ‎strategy for delivering on that ambition. 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 27,000 charge points and aims to expand its network of public EV charging stations to more than 100,000 worldwide by 2030. 

In the US, bp is planning to invest up to $1 billion in EV charging by 2030

https://www.bppulse.co.uk

Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under "Risk factors" and in any of our more recent public reports.

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com,or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.

 

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SOURCE bp America

FAQ

What is the deal between bp pulse and Tesla?

bp pulse, bp's EV charging business, will acquire ultra-fast charging hardware units from Tesla for $100 million.

Where will the Tesla chargers be installed?

The Tesla chargers will be installed across the bp pulse network, including at key sites across the bp family of brands.

When will the roll-out of the Tesla chargers begin?

The roll-out is planned to begin in 2024.