Gas Company Investment in Charging Stations Accelerating EV Adoption
After fighting the adoption of electric vehicles (EVs) for years, large fossil fuel companies are increasingly investing in the infrastructure these future forms of transport require for mass adoption.
Yet another major player is adding EV charging stations at its gas station locations in order to stay relevant as the industry embraces electric power.
US-based Chevron is the latest example of gas companies “going electric” after it recently announced a partnership with EVgo to bring EV chargers to its gas stations.
EVgo and Chevron announced that a number of EVgo fast chargers – ranging from 50kW to 100kW capacity – are already operational or under construction at Chevron stations in Los Angeles and the Bay Area, including Aliso Viejo, Manhattan Beach, Menlo Park and Venic.
Chevron said that although gasoline and diesel remain an important part of California’s transportation energy mix, it is always exploring how to evolve its offering. The choice of language is interesting. Gas and diesel are now referred to as “part of the mix” instead of being the only option.
While Chevron made one of the most recent announcements regarding new EV charging capacity, it’s certainly not the only one.
Shell is leading the charge through its involvement in the new Ionity charging network in Europe, where it is building its own chargers at its own gas stations, and recently acquired a charging network with over 30,000 chargers.
Petro Canada, previously a state-owned oil company in Canada but now part of Suncor, is also moving towards the electrification trend, and has started deploying charging stations at its large network of gas stations in Canada.
BP has started investing in EV charge stations via a recent US$5 million investment in FreeWire.
Meanwhile, Canada’s Yukon Territory announced, in early May, 2019, a $274,000 federal and territorially backed programme to roll out fast-charging stations this summer for a pilot project.
This wave of new charging capacity being installed across North America, Europe, Asia and elsewhere is a significant boon to the rollout and mass adoption of EVs. It shows they are here to stay, and they are the reason that metals such as cobalt, lithium, nickel and copper will increase their market relevance going forward.
I welcome shareholders to get in touch with the Cobalt 27 team with any questions and comments.
Anthony Milewski, CEO and Director of Cobalt 27
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