With Shell's Acquisition Of Greenlots, Big Oil Extends Its Reach Into EV Infrastructure
The next time you recharge your electric vehicle it still could be an oil company that's profiting. Shell New Energies, the renewable energy investment arm of petroleum stalwart Royal Dutch Shell, announced yesterday that it acquired Greenlots.
Greenlots is a start-up with a wide reach in the electric vehicle charging infrastructure area. It operates a network of public charging stations and an electric vehicle charging management platform, and also installs charging stations for automotive brands and utility companies. It recently announced a partnership with ChargePoint that enables EV drivers to charge on either network without the need to create separate accounts or pay additional fees. Last year the Los Angeles-based company won a contract with Electrify America to install charging stations in businesses and properties across the U.S. as part of $2 billion investment in EV infrastructure.
The acquisition is part of Shell's diversification into new energy markets, and a hedge on its stake in traditional gasoline stations as more drivers turn towards electric vehicles.
As our customers’ needs evolve, we will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive,” said Shell New Energies Vice President Mark Gainsborough. “This latest investment in meeting the low-carbon energy needs of US drivers today is part of our wider efforts to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.”
Becoming a wholly owned subsidiary of Shell will give Greenlots the financial backing to continue its expansion of mobility services into new markets.
As power and mobility converge, there will be a seismic shift in how people and goods are transported,” said Brett Hauser, Chief Executive Officer of Greenlots in a news statement. “Electrification will enable a more connected, autonomous and personalized experience. Our technology, backed by the resources, scale and reach of Shell, will accelerate this transition to a future mobility ecosystem that is safer, cleaner and more accessible.”
Neither company disclosed an acquisition price. Shell New Energies was founded to invest approximately $200 million annually in renewable energy companies, and an article in Greentech Media reported