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BP buying TravelCenters in huge EV charging push

Alan Neuhauser
Feb 16, 2023
Illustration of an electric car charging pump with a dollar bill as the prong.

Illustration: Aïda Amer/Axios

BP this morning announced it's buying highway rest-stop operator TravelCenters of America for $1.3 billion cash.

Why it matters: The deal reflects BP's major move into the U.S. EV charging sector.

Details: TravelCenters is being acquired by BP Products North America, a wholly owned indirect subsidiary of BP.

  • BP is paying about $86 per share.
  • The acquisition will add about 280 rest stops and truck stops to BP's portfolio.

Context: BP yesterday unveiled plans to invest $1 billion in U.S. EV charging through 2030.

Meanwhile, TravelCenters last month announced an agreement with Electrify America to install 1,000 chargers at 200 highway locations.

  • It invested in June in a $12 million Series A round for Xendee, a La Jolla, Calif.-based company installing EV fast-chargers at truck stops.

Be smart: Charging an EV can take anywhere from 20 minutes to an hour. That's plenty of time for drivers to spend money on rest-stop meals and retail.

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