Shell Buying Greenlots to Boost Electric Vehicle Charging Networks across U.S.

The electric vehicle software firm Greenlots has shared the news of its acquisition by Shell New Energies division of British-Dutch oil and gas company, Shell. Shell New Energies is focused on establishing its hold in novel transportation fuels such as hydrogen, biofuels, and electricity.

The companies haven’t revealed any details pertaining to the deal so far, however mentioned that Greenlots’ offering is going to serve as the foundation for the oil industry company’s continued electric mobility solutions expansion in North America. This is not the first time when Shell has jumped into any EV charging deal, as about two years back, Shell purchased NewMotion, a Dutch-based company which runs one of the biggest charging networks in Europe.

The growing inclination of Shell towards electric vehicle infrastructure is underlining the expansion of the electric vehicle sector, as mounting number of companies and consumers especially in regions such as Norway, California, and China etc. are increasingly purchasing electric vehicles.

Recently, ChargePoint, an electric vehicle infrastructure company, closed on a $280 million series H round of funding, including Chevron Technology Ventures, to meet the growing demand.

While, charging firms are pulling up their socks to grow the infrastructure deployment at a fast pace, the emerging players in the industry are incorporating innovation in business models. For instance, Volta collaborates with brands to use their advertising to offer free charging. Shell isn’t the only player in oil industry to showcase inclination towards EV charging, as BP purchased Britain’s biggest public EV charging network Chargemaster in 2018.

The growing trend of investing big in EV charging is not just limited to companies, as many states have also taken steps in this direction. For instance, California energy regulator, last year, showed green light to a portfolio of EV charging projects valuing $738 million for the US State’s investor-run utilities San Diego Gas & Electric, Southern California Edison, and Pacific Gas & Electric. These state owned programs will work towards creating chargers for passenger as well as commercial vehicles.

Leave a Reply

Your email address will not be published. Required fields are marked *