BP buying TravelCenters in huge EV charging push
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.