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October 27, 2023

bp makes huge bet on electric vehicles

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.