Tuesday, July 16, 2024

bp Ventures Invests €7.5 Million in Service4Charger, Boosting Germany’s EV Charging Infrastructure

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In a strategic move to strengthen Germany’s electric vehicle (EV) charging infrastructure, bp ventures, the corporate venture capital arm of bp, has made a noteworthy investment of €7.5 million in Service4Charger GmbH. The Berlin-based company specializes in providing comprehensive solutions for the planning, installation, operation, and maintenance of EV charging stations. The investment comes as part of Service4Charger’s Series A funding round, totaling €10 million, with bp ventures leading the way.

Service4Charger focuses on deploying charging stations tailored for various charging scenarios, including fleet depots, public charging stations, and residential areas throughout Germany. With a team of over 85 employees, the company has already established a presence in 25 cities, covering a wide range from Aachen to Berlin and Hamburg to Munich.

See also: BP and Hertz to Invest $1 Billion in US EV Charging Infrastructure by 2030

To solidify their commitment to expanding the nation’s charging infrastructure, Service4Charger and bp have also entered into a multi-year commercial agreement. The partnership aims to bring several thousand new charging points online within the next few years, contributing to the widespread adoption of EVs in Germany.

Currently offering 22,000 EV charging points globally, bp has set an ambitious target to exceed 100,000 charging points worldwide by 2030. The investment in Service4Charger aligns with bp’s strategic vision to enhance their EV charging capabilities and cater to the growing demand for sustainable mobility solutions.

Lucas Althammer, CEO of Service4Charger, expressed enthusiasm about the collaboration, stating, “The new capital will enable Service4Charger to expand into additional markets and bolster our local operational staff and Service4Charger Mobile Heroes across Germany. By doing so, we are actively contributing to the expansion of e-vehicle charging infrastructure, which is vital for facilitating the transition to a greener, low-carbon European economy. We are excited to receive funding from bp and collaborate with their German brand Aral, as well as Energie360°, as we work together to drive the electrification of mobility.”

See also: BP and Uber Join Forces to Provide Bespoke Access to High-Speed EV Charging Network

Gareth Burns, Vice President of bp ventures, emphasized the importance of efficient charging installations and service maintenance for bp pulse, the company’s EV charging network. He remarked, “The investment into Service4Charger brings bp a collaboration that can enable rapid and reliable installation and servicing of EV charge points in Germany. As bp pulse continues its expansion in the EV charging space, it is crucial that we have the right skill sets and expertise to support our growing network of charge points.”

bp ventures has made investments exceeding $1 billion across seven regions, with a strong focus on mobility ventures. This recent investment in Service4Charger further solidifies bp’s commitment to shaping the future of sustainable transportation and promoting the wider adoption of EVs.

As Germany advances toward a greener future, the partnership between bp ventures and Service4Charger is poised to accelerate the development of a robust EV charging infrastructure, providing a significant boost to the nation’s clean mobility efforts.

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