BP Teams With M&S To Expand Its EV Charging Network
Petroleum giant BP plc's (NYSE: BP) electric vehicle charging business, bp pulse, has signed an agreement with retail giant Marks & Spencer Group Plc (OTC: MAKSF) (OTC: MAKSY).
Under the agreement, the parties will work together to install an initial 900 electric vehicle charge points in around 70 of M&S' national stores in the next two years.
The installation is anticipated to expand bp pulse's network, growing the U.K.'s charging network and adding up to 40,000 kWhs of charging capacity to the U.K.'s EV infrastructure.
In order to provide the appropriate speed for each need, a combination of ultra-fast (≥150kW) and rapid (≥50kW) charge points will be installed during the roll-out.
BP and M&S first teamed up in 2005 to introduce M&S Food stores at bp retail sites.
BP said it is backing Britain with plans to invest up to £18 billion in the UK energy system by 2030.
Price Action: BP shares are trading higher by 1.98% at $34.58 in premarket on the last check Thursday.
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