In a recent development in EV world, Royal Dutch Shell, one of the biggest oil company has announced to buy one of the biggest European electric car charging network NewMotion.
Both Royal Dutch Shell and NewMotion are based in Netherlands. NewMotion was started on 2009. By 2016, NewMotion has 30,000+ charging points across Europe and around 100,000 users. It specializes in setting up charging points in commercial places and parking lots.
NewMotion has two types of offerings, fast charging stations at commercial places, parking lots and relatively slower charging options for home and business centers where cars can be charged at night or during day time. This acquisition will open up many Shell gas stations for NewMotion at prime locations across Europe. Focus on Europe is going to help both companies since electric cars are popular in Europe.
Currently West Europe has around 10,000 charging points. Considering significant demand for EVs in Europe, Morgan Stanley has estimated that West Europe will need three million charging points by 2030.
Apart from this acquisition Royal Dutch Shell has already started setting up electric charging stations. Shell is also working on ‘Smart Charging Technology’.
This acquisition is notable since for the first time any major oil producer is trying to venture into electric vehicle market. This points towards changing (or shrinking??) oil market. Oil companies are getting aware of the changing oil market due to wide acceptance of electric cars.
Apart from Royal Dutch Shell, other petroleum companies like British Petroleum is in talks with other charging networks. BP is interested in opening up its gas stations for charging stations to setup charging points.
Total, which is a French oil company has signed deal with NewMotion. According to it NewMotion will get access to Total’s customer access for its charging stations.
All these developments in oil industry point to the fact that EVs and related businesses have huge scope in coming future.