TotalEnergies and SSE join forces and create Source, a new major player in EV charging in the UK & Ireland
TotalEnergies (TTE) and SSE have signed a binding agreement to create a joint venture called Source, aiming to become a major player in EV charging infrastructure in the UK and Ireland. The venture plans to deploy up to 3000 high-power charge points grouped in 300 'EV hubs' within the next 5 years, targeting a 20% market share. These charging hubs will be located in prime urban areas and powered by renewable energy.
The initiative aligns with the UK Government's zero vehicle emissions mandate and Ireland's goal of placing almost 1 million electric vehicles on roads by 2030. This development contributes to TotalEnergies' integrated power strategy in the UK and SSE's role in decarbonizing the UK and Ireland's power system. The agreement is subject to regulatory approvals.
- Joint venture aims to deploy 3000 high-power charge points in 300 'EV hubs' within 5 years
- Targeting 20% market share in EV charging infrastructure in UK and Ireland
- Charging hubs to be powered by renewable energy
- Aligns with UK and Ireland's government initiatives for EV adoption
- Expands TotalEnergies' EV charging network in Europe
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The establishment of Source, a joint venture between TotalEnergies and SSE, presents a significant opportunity in the electric vehicle (EV) charging infrastructure market of the UK and Ireland. For investors, the targeted deployment of up to 3000 high power charge points over the next five years signals a substantial capital investment and a strategic move to capture a 20% market share in a rapidly growing sector.
This joint venture's strategy is aligned with the growing demand for EV charging infrastructure, driven by governmental mandates for zero vehicle emissions and the ambitious goal of having nearly 1 million EVs on Irish roads by 2030. TotalEnergies' integrated power strategy and SSE's role in renewable energy generation indicate a strong foundation for sustainable growth.
From a financial perspective, potential investors should consider the long-term revenue streams from these charging stations, balanced against the substantial initial capital expenditure required for infrastructure development. The joint venture's success will depend on its ability to quickly and efficiently deploy these charging stations, while managing operational costs and maintaining high uptime for reliability.
The collaboration between TotalEnergies and SSE to create Source represents a strategic entry into a burgeoning market. The EV sector is experiencing explosive growth, largely due to legislative changes and increasing consumer adoption. The UK and Ireland's plans for decarbonizing transport and the introduction of stringent emission regulations provide a ripe market for EV infrastructure development.
The joint venture's aim to establish 300 EV hubs in high-traffic urban areas indicates a clear strategy to maximize user convenience and charging reliability. This focus on prime locations will likely help in capturing a significant share of the market. However, it also presents challenges in terms of securing these locations and addressing local regulatory concerns.
Another important aspect is the consumer confidence that Source aims to build. By providing ultra-fast charging supported by renewable energy, the joint venture could alleviate one of the main barriers to EV adoption—range anxiety. This could subsequently accelerate EV adoption rates, positively impacting the market for related services and infrastructure.
The technical aspect of Source's initiative is quite noteworthy. The deployment of high-power charge points (150 kW and more) is critical because it addresses one of the primary pain points of EV users: charging speed. High-power charging significantly reduces the downtime for vehicles, making EVs more practical for daily use and long-distance travel.
Furthermore, the integration of renewable energy sources for these charging hubs is a strong selling point. It not only aligns with global sustainability trends but also enhances the brand image of both TotalEnergies and SSE. The use of renewable energy could also help in mitigating energy costs in the long run, although the initial setup might be capital-intensive.
One potential challenge could be the technological compatibility with various EV models. As the EV market diversifies, ensuring that charging infrastructure supports all types of EVs will be crucial. Additionally, maintaining a high uptime and quick troubleshooting will be essential for user satisfaction and sustained growth.
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and SSE have signed a binding agreement to create a joint venture to establish a new major player in EV charging infrastructure in the
Establishing a needs-based fast charging network across the
Within the next 5 years, Source will deploy up to 3000 high power charge points (of 150 kW and more) grouped in 300 “EV hubs”, targeting
Leading the decarbonisation of transport in the
In the
Similarly in
“TotalEnergies is proud to contribute to the development of electric mobility to decarbonize transportation in the
“SSE is already playing a leading role in decarbonising the
This agreement is subject to the applicable regulatory approvals being obtained from the relevant authorities.
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TotalEnergies, A Major Player in Electric Mobility in
With over 64,000 charge points in operation around the world today, and proven experience in the retail sector, TotalEnergies is already a recognized player in electric mobility. In the
TotalEnergies in the
TotalEnergies has been present in the
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
SSE plc, the
SSE’s purpose is to provide the energy needed today while building a better world of energy for tomorrow. We do this by developing, building, operating and investing in world-class electricity infrastructure that is vital to the clean energy transition. This includes onshore and offshore wind farms, hydro, electricity transmission and distribution networks, flexible generation, carbon capture and hydrogen storage, solar and batteries, as well as providing energy products and services for businesses and other customers.
A FTSE-100 company headquartered in the
SSE has significant experience in the development and rollout of EV charging infrastructure across the
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
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TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
SSE Contacts:
Media Relations: media@sse.com
Investor Relations: ir@sse.com
Source: TOTALENERGIES SE
FAQ
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