Oil and gas provider Shell paid an undisclosed amount on Monday to acquire Germany-based electric vehicle (EV) charging network Ubitricity, allowing corporate investors EDF, Honda and Siemens to exit.
Ubitricity operates the largest EV charging network in the UK in addition to substantial networks in Germany and France, integrating its systems into existing objects like lampposts or bollards in order to make them more accessible.
The deal is intended to boost Shell’s own charging service, which currently spans some 430 service stations as well as providing access to roughly 185,000 third-party chargers.
István Kapitány, Shell’s executive vice-president of global mobility, said: “Working with local authorities, we want to support the growing number of Shell customers who want to switch to an EV by making it as convenient as possible for them.
“On-street options such as the lamp post charging offered by Ubitricity will be key for those who live and work in cities or have limited access to off-street parking. Whether at home, at work or on-the-go, we want to provide our customers with accessible and affordable EV charging options so they can charge up no matter where they are.”
VC firm Earlybird Venture Capital supplied $2.2m in series A funding for the company in 2010 before industrial technology and appliance producer Siemens’ Next47 unit added an undisclosed amount seven years later.
Ubitricity secured $22.7m in an early 2019 series C round that included Next47, automotive manufacturer and energy utility EDF, which was identified as a returning investor.
Photo courtesy of Ubitricity.
