Shell is the latest petroleum company to jump in the EV charging game. Earlier this year, BP announced currently has around 22,000 EV-charging points globally, and hopes to have more than 100,000 by 2030.
Shell plans on looking to have a half-million charging points worldwide by 2025, greatly exceeding BP's ambitious plans. The direction is very clear, EV charging will become as available as gasoline in the next 10 years. The are kicking off their rollout by purchasing the Volta charging network.
- Last week, the oil company finalized its purchase of the Volta charging network, which operates in 31 U.S. states. Shell now "owns and operates one of the largest public electric vehicle (EV) charging networks in the U.S."
Volta covers most of the cost of the chargers through large display advertising and plans to keep doing so.
Volta and Shell announced the $169 million acquisition in January. That comes out to just 86 cents a share. This purchase price was well under the stock’s $15 high from early 2021 and was also below the $2.50 share price Volta was hovering at in mid-2022 before it dropped in September and October.
While pumping electrons into your car has not taken over gas, it is certainly heading in that direction. When you see petroleum companies in hot pursuit of this rapidly growing marketplace you can definitely see where this is all going.
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