Royal Dutch Shell to Buy EV Chargers Provider Ubitricity

By Jaime Llinares Taboada

Royal Dutch Shell PLC said Monday that it has agreed to acquire Ubitricity, the largest public electric-vehicle charging network in the U.K.

The Anglo-Dutch oil major said the acquisition marks its expansion into the fast-growing on-street EV charging market and will provide competencies to help it scale its charging offer. Shell is aiming to become a net-zero emissions energy company by 2050 or sooner.

Ubitricity, founded in Berlin, has a 13% market share in the U.K. as well as established public charging positions in Germany and France, Shell said.

Shell said the deal is expected to be completed later in 2021 but didn't disclose the purchase price.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

January 25, 2021 05:57 ET (10:57 GMT)

Royal Dutch Shell (LSE:0LN9)
Historical Stock Chart
From Aug 2024 to Sep 2024