BP announces plans to invest $1bn by 2030 into EV charge points across the US

BP has announced plans to invest $1bn by 2030 into electric vehicle (EV) charge points across the US.

A cornerstone of the investment includes Hertz and BP announcing an intention to bring fast charging infrastructure to Hertz locations in 12 cities.

A number of the fast-charging installations will include gigahub locations. These are large-scale fast charging hubs, such as one location previously announced by BP and Hertz at Los Angeles International Airport. The hubs will serve rideshare and taxi drivers, car rental customers and the general public at high-demand locations, such as airports.

“This is about more, faster. We’re bringing more, fast-charging options to more Americans for faster EV adoption,” said Dave Lawler, chairman and president of BP America. “Working alongside Hertz, we’re excited to drive the future of mobility.”

EV charging is one of BP’s five strategic transition growth engines in which the company expects to significantly grow investment through this decade. The other transition growth engines include bioenergy, hydrogen, convenience and renewables & power.

BP is aiming to enhance its ability to offer lower carbon transport solutions for customers by expanding EV charging and strategic convenience sites. It current has 22,000 EV charge points worldwide and aims for more than 100,000 globally by 2030, with around 90% rapid or ultra-fast.

The announcement by BP expands on the 2022 memorandum of understanding (MOU) between Hertz and BP, which set out to develop a network of EV charging stations across Hertz’s national footprint of locations, powered by BP Pulse, BP’s global electrification and charging solution brand.

“As Hertz builds the largest EV rental fleet in North America, it is essential that our millions of customers have access to a national network of reliable, fast chargers,” said Stephen Scherr, Hertz chair and CEO. “We are excited to be working with BP to build out charging at Hertz locations across the country, and to leverage telematic insights from the Hertz fleet to ensure that charging is located at the places where our customers need it most.”

Hertz is aiming for one-quarter of its fleet to be electric by the end of 2024.