British Petroleum (BP) has made a significant move into the world of electric vehicles (EVs) with its recent acquisition of TravelCenters of America (TA) for approximately 1.3 billion dollars. The takeover of the US-based company, which operates rest stops, restaurants, and shops in 44 states, is a definitive signal of BP’s commitment to electromobility.
This move by BP comes on the heels of a recent announcement by the US government to allocate one billion dollars for the development of EV charging infrastructure across the country. BP reportedly plans to invest one billion dollars into charging infrastructure in the USA by 2030, making the acquisition of TA an obvious strategic move.
See also: TravelCenters and Electrify America Partner to Offer EV Charging at Major Highways
TA recently entered into a cooperation agreement with Electrify America, a subsidiary of Volkswagen, to install about 1,000 fast-charging stations at 200 locations along main US highways within five years. While no concrete synergies have been mentioned in the takeover announcement, the potential for collaboration between BP and TA is significant.
BP’s global scale will bring advantages in fuel and biofuel supply, as well as convenience offers, according to the company’s statement. The acquisition is expected to bring around 280 TA sites into the BP portfolio, adding to its existing network of off-highway locations. TA’s travel centers, averaging around 25 acres, offer a full range of facilities for vehicles and fleet trucks, including more than 600 full-service and quick-service restaurants and truck maintenance and repair services.
Bernard Looney, CEO of BP, has identified fuels as one of the company’s “five strategic transition growth engines”, which also include biofuels, hydrogen for passenger vehicles and fleets, and convenience offers. The acquisition of TA will allow BP to strategically expand its US network, providing an excellent fit for the company’s existing sites.
See also: BP and Hertz to Invest $1 Billion in US EV Charging Infrastructure by 2030
While the takeover is still subject to approval from both shareholders and regulatory authorities, the move is a clear indication that BP is looking to expand its presence in the world of electromobility. With its significant investment in charging infrastructure and the acquisition of TA, BP is poised to play a major role in the future of EVs in the United States.
