Royal Dutch Shell has signed an agreement to buy 100 per cent of ubitricity, a leading European provider of on-street charging for electric vehicles (EVs), to accelerate its move into low-carbon transport. The exact financial terms were not disclosed and the deal is expected to be completed later this year.
The acquisition comes as pressure mounts on the oil company to grow its renewable portfolio. As a result, Shell is investing in more lower-carbon technology. This includes renewables such as wind and solar, new mobility options such as electric vehicle charging and hydrogen and an interconnected power business that will provide electricity to millions of homes, companies and businesses