Shell Acquisition Shows EV Charging Market Consolidation

This article first appeared on the BNEF mobile app and the Bloomberg Terminal.

  • Shell recently bought NewMotion, with 30,000 charging points
  • Shell joins other energy majors active in electric mobility

Number of electric vehicles on the road in Europe

Source: Bloomberg New Energy Finance, Marklines

Large energy companies are snapping up groups active in EV charging infrastructure. Royal Dutch Shell Plc acquired NewMotion, a Dutch EV charging company with 30,000 charging points. Statoil ASA invested in ChargePoint Inc. in 2016 and in March 2017, Engie SA acquired EVBox which has over 40,000 stations. On October 25, Enel SpA bought eMotorWerks, another provider focused on monetizing the demand flexibility from EVs. The list of large energy companies active in EV charging includes Fortum Oyj, Vattenfall AB, EON SE, RWE AG. Utilities aim to reduce customer churn and expand into new services, while oil companies look to ensure their retail stations stay relevant as the vehicle mix shifts.

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