bp to invest $1.3 billion on EV charging stations in the UK

British energy major bp on Friday said it plans to invest US $1.32 billion in electric vehicle charging in the United Kingdom and triple its number of charging points by 2030, to meet the country's growing demand for greener power.

bp pulse, bp’s EV charging business, intends to make the investment over the next 10 years to support the UK’s transition to low carbon transportation for both consumers and fleet vehicles, the company said in a statement. The company also expects this to support hundreds of new jobs in the UK, bp said.

The investment plan was unveiled during the UK Transport Secretary Grant Shapps’ visit to bp pulse’s UK headquarters in Milton Keynes.  The investment will allow bp pulse to deliver more rapid and ultra-fast chargers in key locations, expand fleet products and services, and launch new home charge digital products and services to enhance the customer experience, the company said.

bp has increasingly positioned itself as embracing the energy transition to expand operations in power markets and around electric vehicles. It said in January that the fast electric vehicle chargers were on the cusp of becoming more profitable than filling up a petrol-driven car.

bp reported its highest level of profit in eight years this year, lifted by soaring gas and oil prices.

The company said last month it intends to reduce its operational emissions by half by 2030, compared with a previous target of reducing it by 35 percent, as it aims to accelerate its goal of reaching net-zero emissions by 2050.