BP Electrifies Houston With Launch of Its First US Gigahub
BP plc BP announced the inauguration of its electric vehicle (EV) charging station at its BP America headquarters in Houston, TX. This marks a milestone in BP's commitment to expanding its network of EV chargers in the United States. The new BP pulse station, the Gigahub, will open its doors to the public on Apr 2, offering state-of-the-art charging facilities.
Scheduled to commence operations on Mar 20, 2024, the new pulse station will feature 24 high-speed EV charge points equipped with Tritium 150kW DC fast chargers. These chargers will be seamlessly integrated with the BP pulse app, enabling users to locate the station, check real-time charging availability and connect to WiFi.
Emma Delaney, executive vice president for Customers & Products at BP, conveyed her excitement about the company's expansion of its global presence, particularly in the United States with the introduction of its first EV charging Gigahub. She expressed anticipation for the insights gained from customer charging preferences, building on BP’s established fast charging positions in key markets such as the United Kingdom, China and Germany.
BP pulse aims to further expand its charging infrastructure across high-demand locations, including airports, major metropolitan areas and BP-owned properties throughout the United States. With grant funds awarded through programs such as the National Electric Vehicle Infrastructure and California Energy Commission, BP is set to provide charging infrastructure at sites in California, Pennsylvania, Tennessee, Virginia and Kentucky.
This initiative aligns with BP's broader vision to invest $1 billion in America's EV charging infrastructure by 2030, with $500 million earmarked for investment by the end of 2025. As part of the commitment, BP pulse aims to deliver 3,000 charging points by 2025, emphasizing EV charging as one of its five strategic transition growth engines alongside bioenergy, hydrogen, convenience and renewables & power.
Sujay Sharma, CEO of BP pulse Americas, emphasized the importance of this endeavor by expressing enthusiasm for bringing BP pulse to America's energy corridor and enlarging the company's footprint in the U.S. public EV-charging sector. He highlighted that the project aims to provide fast and dependable charging solutions for EV drivers, facilitating accelerated adoption of EVs in the country.
At present, BP operates 29,000 EV charging points globally and aims to increase this figure to more than 100,000 by 2030, with approximately 90% of these being rapid or ultra-fast chargers. The unveiling of the BP pulse EV Charging Gigahub represents a milestone in BP's journey toward fostering sustainable mobility solutions and advancing the transition to cleaner energy alternatives on a global scale.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and Energy Transfer LP ET. While both Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy) at present, Energy Transfer carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.87. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.01. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Energy Transfer is a publicly traded limited partnership, focused on diverse energy assets in the United States. The company’s core operations involve natural gas midstream services, transportation, storage, crude oil facilities and marketing assets.
The Zacks Consensus Estimate for ET’s 2024 earnings per unit is pegged at $1.44. The company has witnessed upward earnings estimate revisions for 2024 in the past 30 days. ET’s 2024 earnings are expected to rise 32.1% year over year.
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