BP (LON:BP) (NYSE:BP) announced Thursday morning that the oil and gas company’s EV charging business, bp Pulse, has struck a deal with electric automaker, Tesla (NASDAQ:TSLA) to acquire ultra-fast charging hardware units from the automaker for $100M.
According to the announcement, starting in 2024, the Tesla chargers will be deployed at key sites across the bp family of brands, including TravelCenters of America (NASDAQ:TA), Thorntons, ampm; and Amoco, as well as at bp pulse's large-scale Gigahub charging sites in major cities and at third-party locations, such as Hertz locations, as part of previously announced collaborations.
The first installation sites have been identified in Houston, Phoenix, Los Angeles, Chicago; and Washington D.C.
"Strengthening the bp pulse network with Tesla's industry-leading hardware is a major step forward in our ambitions for high speed, open access charging infrastructure in the US and advances our ambition to delivering an exceptional customer experience," said bp Pulse CEO, Richard Bartlett.
The Tesla chargers will be branded, installed, and operated by bp pulse, and will be fitted with Tesla's 'Magic Dock', which is compatible with both North American Charging Standard (NACS) and Combined Charging System (CCS) connectors.
Additionally, To further improve user experience, the Tesla chargers will support the Plug and Charge protocol, streamlining and automating the payment process for added convenience.
This agreement helps to further BP’s commitment to invest up to $1 billion in EV charging across the U.S. by 2030. BP Pulse has already installed more than 27,000 charge points and aims to roll out more than 100,000 globally by the end of the decade.
Shares of BP are down 1.28% in early trading Thursday morning, while TSLA trades up 0.31%.