Shell's plan to roll out 500,000 electric charging stations

trutolife27

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Planning 500,000 charging points for EVs by 2025, Shell becomes the latest company swept up in EV charging boom

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Jonathan Shieber
Thu, February 11, 2021, 10:49 AM


Shell's plan to roll out 500,000 electric charging stations in just four years is the latest sign of an EV charging infrastructure boom that has prompted investors to pour cash into the industry and inspired a few companies to become public companies in search of the capital needed to meet demand.
Since the beginning of the year, three companies have been acquired by special purpose acquisition vehicles and are on a path to go public, while a third has raised tens of millions from some of the biggest names in private equity investing for its own path to commercial viability.

The SPAC attack began in September when an electric vehicle charging network ChargePoint struck a deal to merge with special purpose acquisition company Switchback Energy Acquisition Corporation, with a market valuation of $2.4 billion. The company's public listing will debut February 16 on the New York Stock Exchange.
In January, EVgo, an owner and operator of electric vehicle charging infrastructure, agreed to merge with the SPAC Climate Change Crisis Real Impact I Acquisition for a valuation of $2.6 billion — a huge win for the company's privately held owner, the power development and investment company LS Power. LS Power and EVgo management, which today own 100% of the company, will be rolling all of its equity into the transaction. Once the transaction closes in the second quarter, LS Power and EVgo will hold a 74% stake in the newly combined company.

One more deal soon followed. Volta Industries agreed to merge this month with Tortoise Acquisition II, a tie-up that would give the charging company named after battery inventor Alessandro Volta a $1.4 billion valuation. The deal sent shares of the SPAC company, trading under the ticker SNPR, rocketing up 31.9% in trading earlier this week to $17.01. The stock is currently trading around $15 per share.
Not to be outdone, private equity firms are also getting into the game. Riverstone Holdings, one of the biggest names in private equity energy investment, placed its own bet on the charging space with an investment in FreeWire. That company raised $50 million in a new round of funding earlier this year.
"The writing is on the wall and the investors have to take the time. There’s been a flight out of the traditional investment opportunities in markets," said FreeWire chief executive Arcady Sosinov, in an interview. "There’s been a flight out of the oil and gas companies and out of the traditional utilities. You have to look at other opportunities... This is going to be the largest growth opportunity of the next 10 years."
FreeWire deploys its infrastructure with BP currently, but the company's charging technology can be rolled out to fast food companies, post offices, grocery stores or anywhere people go and spend somewhere between 20 minutes and an hour. With the Biden administration's plan to boost EV adoption in federal fleets, post offices actually represent another big opportunity for charging networks, Sosinov said.
"One of the reasons we find electrification of mobility so attractive is because it’s not if or how, it's when," said Robert Tichio, a partner at Riverstone in charge of the firm's ESG efforts. "Penetration rates are incredibly low… compare that to Norway or Northern Europe. They have already achieved double-digit percentages."
A recent Super Bowl commercial from GM featuring Will Farrell showed just how far ahead Norway is when it comes to electric vehicle adoption.
"The demands on capital in the electrification of transport will begin to approach three quarters of a trillion annually," Tichio said. "The short answer to your question is that the needs for capital now that we have collectively, politically, socially economically come to a consensus in terms of where we’re going and we couldn’t say that 18 months ago is going to be at a tipping point."
Shell already has electric vehicle charging infrastructure that it has deployed in some markets. Back in 2019 the company acquired the Los Angeles-based company Greenlots, an EV charging developer. And earlier this year Shell made another move into electric vehicle charging with the acquisition of Ubitricity in the U.K.
“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 Mark Gainsborough, executive vice president, New Energies for Shell, in a statement at the time of the Greenlots acquisition. “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.”
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buzznwood

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Hope they work the same as the ones in the uk, just pull up plug in a pay with a credit card, same as you do with a gas / petrol pump none of this mucking around with apps nonsense.
 

jparduhn70

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If Shell would have EV charging available at every station, I'm certain I'd be taking my car everywhere. I have no problem finding their stations on every road trip I ever take. I hope this happens.
 

MrRossKeys

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Comes out to about 10,400 new charging points per month for the next 4 years. Sounds promising.
 


stmache

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I hope the stations are near places people can hang out (restaurants/shopping) or will Shell put in lounges? I know when I will be traveling, I will be looking for charging locations at or near restaurants, shopping areas or points of interest.

I have been waiting for a chain like Cracker Barrel to put in charging stations but I guess there is not enough BEVs yet.
 

BlueMach

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They own Greenlots in the US but I've yet to see a real push to actually build them at their own sites. All the Greelots deployments I see seem to be weird one-offs that individual property owners put in.

Hopefully this is the sign of good things to come - I would love to see Greenlots 150 kW+ units abound.
 

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I really hope they don't put in 500k 50kw chargers :rolleyes:
I'd like to see a charger that is 180-250kW but can charge two cars at one time, sharing the juice when needed. If they fill the old fuel tank with batteries, that would be great for grid stability. lol
 

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I wonder if Shell is angling to get a piece of the Biden Administration's plan to roll out 500K chargers? Clearly (or at least hopefully) the government isn't going to build these chargers, so there will have to be grants. Almost has to be because 'Free" charging would be a disaster and I can't see the government wanting to be the charging business.
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