BP invested $5 million in FreeWire Technologies Inc through its venturing arm. FreeWire is a US-based manufacturer of mobile electric vehicle (EV) rapid charging systems. BP will roll out FreeWire’s Mobi Charger units for use at selected BP retail sites in the UK and Europe during 2018.
FreeWire is a technology company based in the San Francisco Bay Area that specializes in mobile and networked energy storage. The company offers solutions for electric vehicle charging and mobile distributed power through the Mobi product line, which combines first-of-its-kind hardware with a user-focused software suite.
BP stated that EV charging will become an important part of its business and help it build understanding of fast-evolving market. As the mobility is changing and a rise in the demand for electric vehicle is being witnessed, in order to avoid being disrupted by the newer technologies several petroleum companies are diversifying their businesses and are investing on developing charging infrastructure.
Recently, Shell also signed an agreement with high-powered charging network operator IONITY to offer charge points across ten European countries. Back home in India, Indian oil has set up electric charging station in Nagpur. Other state owned companies like HPCL, BPCL too are exploring opportunities in this field.