BP Pulse To Buy Charging Hardware Units From Tesla For $100 Mln

(RTTNews) - Oil and gas major BP plc. (BP) announced on Thursday that its EV charging business bp pulse will acquire charging hardware units from EV major Tesla (TSLA) for $100 million.

This agreement is part of BP's plan to invest up to $1 billion in EV charging across the US by 2030 with the aim to invest $500 million in the next two to three years.

The rollout of the transaction is planned to begin in 2024 with the first installation sites identified in Houston, Phoenix, Los Angeles, Chicago; and Washington D.C.

The Tesla chargers, with an output of 250 kW, will be branded, installed and operated by bp pulse. The chargers will be fitted with Tesla's 'Magic Dock,' which is compatible with both North American Charging Standard and Combined Charging System connectors, enabling EVs from other major vehicle manufacturers to use the Tesla chargers on the bp pulse's network.

Further, bp pulse aims to continue deploying additional charging points at high-demand locations, such as airports, major metropolitan areas, and bp-owned and properties along Alternative Fueling Corridors.

Currently, BP shares are trading at $38.55, down 1.31% on the New York Stock Exchange and Tesla shares are trading at $207.50 down 2.32% on Nasdaq.