Royal Dutch Shell Plc has agreed to buy electric vehicle charging company Ubitricity.
Ubitricity’s technology makes on-street charging for electric vehicles possible by integrating charging points into existing infrastructure such as lamp posts. This makes it a leading European provider of on-street charging with more than 2,700 charging points across the UK.
On-street parking is crucial for electric vehicles’ success because the option is likely to be more convenient for drivers, particularly in cities.
The acquisition transaction, for which Shell did not disclose a purchase price, is expected to be completed later in 2021, subject to regulatory clearance.
The decision is part of the oil company’s move into the electric sector, with its goal to reach net-zero emissions by 2050. Shell already has about 100 electric vehicle charging points in the UK and aims to double this by the end of this year.
Shell has made a string of investments in renewable and low-carbon assets and technologies since setting its climate goals in April last year.