BP Partners with Tesla in a $100 Million Investment to Boost EV Charging Infrastructure

In a significant move showcasing the ongoing transformation of the energy industry, British multinational oil and gas giant BP has announced a landmark partnership with electric vehicle pioneer, Tesla. This collaboration will not only strengthen the electric vehicle (EV) charging infrastructure in the US but also signify a pivot of major energy companies towards sustainable alternatives.

Investment Details

The highlight of this partnership is BP's hefty $100 million investment into Tesla's ultra-fast EV chargers. These won't be the regular superchargers we're accustomed to; these will be V4 superchargers, touted as being equipped with the revolutionary 'magic dock.' In this arrangement, Tesla will provide both the hardware and software. However, the onus of installing the charging stalls will rest on BP. In a nod to their investment and a mark of their commitment to the electric transition, these chargers will sport the BP brand.

Considering the financial details publicly disclosed in Tesla's filings, this investment is anticipated to enable the rollout of approximately 1,500 to 2,000 charging stalls. This number is far from negligible, especially when considering the vast expanse of the US and the burgeoning need for reliable EV charging stations.

The Bigger Picture: BP's Green Ambitions

While this partnership is significant in its own right, it's essential to view it as part of BP's broader strategy. In February 2023, BP declared its ambitions to funnel $1 billion into America's EV charging infrastructure by the decade's end. What's even more noteworthy is their intent to deploy half of this amount, a staggering $500 million, within the coming two to three years.

Why Tesla?

The choice of Tesla as a partner isn't just about the brand's prominence. Tesla's charging technology stands out in the market for its reliability and cost-effectiveness. Compared to other options available, Tesla's solution is believed to be around 4-5 times cheaper to install. Given this, it's an economically sound decision for companies eager to establish a foothold in the rapidly expanding EV charging infrastructure.

And BP might just be the tip of the iceberg. Drawing a parallel with automakers eagerly jumping on board the Tesla North American Charging System (NACS), it's plausible that many more energy companies will soon seek Tesla's expertise in charging technology.

In Conclusion

This partnership between BP and Tesla is emblematic of the shifting tides in the energy and automotive sectors. As traditional energy companies recognize the potential and necessity of electric mobility, partnerships like these are set to become the norm rather than the exception. It's a clear win-win: while energy companies get a slice of the burgeoning EV pie, electric vehicle owners stand to benefit from a more extensive and reliable charging network.

Thanks for reading. Lars Strandridder, BestInTESLA