Oil giant Shell makes electric vehicle play, scoops up charging firm
by The Associated Press
The company plans to buy NewMotion, an EV charging company with 30,000 charge points across Europe
With auto industry momentum shifting toward electric vehicles, the oil company says it’s planning for a time when oil starts to fade. PHOTO: Volvo
LONDON—Oil company Shell has signed an agreement to buy electric vehicle charging firm NewMotion. It did not disclose terms.
The company, which will become a wholly owned subsidiary of Royal Dutch Shell, operates more than 30,000 private electric charge points for homes and businesses in the Netherlands, Germany, France and the U.K.
Shell’s Vice-President for New Fuels, Matthew Tipper, said Oct. 12 that the deal will give customers “flexibility to charge their electric vehicles at home, work and on the go.”
The company has insisted it is planning for the day when demand for oil starts to fade. CEO Ben van Beurden has promised to look at “very aggressive scenarios” to remain competitive in a world that gets more of its energy from renewable sources and less from crude oil.
