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BP Signs Major Agreement With Tritium for EV Fast Chargers

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BP plc BP entered a multi-year agreement with Tritium DCFC Limited DCFC for the latter’s chargers and related services to support its electric vehicle (“EV”) charging network worldwide.

Per the terms of the deal, Tritium will supply 1,000 chargers to be installed in BP’s markets in the U.K., Australia and New Zealand.

Formed in 2001, Australia-based Tritium specializes in developing and producing direct current fast chargers for EVs. The latest agreement marks significant progress for Tritium as it aims to expand its global presence with improved availability of EV fast chargers.

The latest agreement adds to other contracts for Tritium. The company recently collaborated with Las Vegas-based Wise Power to provide fast chargers for a new national EV charging network. With Tritium’s advanced technology, Wise Power can achieve its goal of creating a nationwide EV charging network.

The electrification of transportation is crucial to reducing emissions, which have increased immensely in recent years due to the rising number of fossil fuel-powered vehicles on the road. BP is among the companies pledging to increase the number of EV charging points.

In March, BP announced plans to triple its number of EV charging points in the U.K by 2030 by investing £1 billion in EV charging in the next ten years. The latest initiative represents an expansion of the plan by including the two nations with close ties to the U.K.

BP's fast charging strategy fits well with its goal to achieve carbon neutrality by 2050. The latest agreement will help it fulfill its commitment to provide rapid and reliable charging for EV drivers. It will facilitate the roll-out of the charging infrastructure needed as the world moves toward decarbonizing road transport.

Company Profile & Price Performance

Headquartered in London, the U.K., BP is a fully integrated energy company with a strong focus on renewable energy.

Shares of the company have underperformed the industry in the past six months. The stock has gained 9.1% compared with the industry's 30.5% growth.

Zacks Investment Research
Zacks Investment Research

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Zacks Rank & Stocks to Consider

BP currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

SM Energy Company SM is one of the most attractive players in the exploration and production space. As of Dec 31, 2021, it had proved reserves of 492 MMBOE, of which 41% was crude oil, 42% natural gas and 17% NGLs.

SM Energy’s earnings for 2021 are expected to surge 385.4% year over year. In 2021, SM generated a free cash flow of $378.3 million, which is significantly higher than the year-ago reported figure of $239.5 million.

Occidental Petroleum OXY is an integrated oil and gas company with significant exploration and production exposure. At 2021-end, OXY’s preliminary worldwide proved reserves totaled 3.51 billion BOE compared with 2.91 billion BOE at the end of 2020.

Occidental’s earnings for 2021 are expected to surge 225.5% year over year. As of Dec 31, 2021, OXY had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020. On Feb 10, 2022, Occidental’s board of directors authorized a share repurchase program with a maximum limit of $3 billion and no set term limits, which supersedes the previously authorized share repurchase program.

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BP p.l.c. (BP) : Free Stock Analysis Report

Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report

SM Energy Company (SM) : Free Stock Analysis Report

Tritium DCFC Limited (DCFC) : Free Stock Analysis Report

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