Shell (SHEL) Launches Fast EV Chargers at 3 Singapore Stations
Shell plc (SHEL) installed high-speed electric vehicle (EV) chargers at three of its service stations in Singapore that can charge a Hyundai Ioniq 5's battery up to 50% in around 15 minutes. These new EV chargers are the fastest publicly available chargers in the country, with ratings up to 180 kilowatts. According to Shell, these EV chargers are more than three times faster than the 50kW chargers at its other stations and are available at Shell service stations in Tampines, Pasir Ris and Lakeview.
Tan See Leng, the second minister for trade and industry, emphasized the advantages of quick charging during the chargers’ launch at the Lakeview station. While slow overnight charging is still the most popular method, rapid charging complements the same by enabling on-the-go charging. According to Dr. Tan, the installation of these fast chargers marks a turning point in Singapore's transition to a sustainable and smart energy future.
He added that these chargers use energy entirely from local renewable sources, including rooftop solar panels and other Shell assets. The electricity generated by the solar panels is stored in each station's sizable lithium-ion storage battery.
Using funds from Shell and the Energy Market Authority — a project run by the local solar firm Eigen Energy — generated this sustainable energy solution.
While the new chargers from Shell are the fastest in the area, the actual time required to charge an EV still depends on the vehicle's specifications. The rate of charging will decrease if there are two EVs hooked into the station at once. A faster charging method for heavy-duty commercial EVs like electric trucks and buses is also being developed by Shell in addition to improving its charging service for smaller EVs. Faster charging times and the addition of renewable energy sources encourage the use of EVs and assist the country in meeting its sustainable energy goals.
Zacks Rank & Key Picks
Shell is a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. CVI, Murphy USA Inc. MUSA and Crestwood Equity Partners LP CEQP. While CVI sports a Zacks Rank #1 (Strong Buy), both MUSA and CEQP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Murphy USA serves 1.6 million customers daily and owns a dedicated line on the Colonial Pipeline. It operates stations near Walmart supercenters and is a low-cost, high-volume fuel seller. This enables the company to attract significantly more transactions than its peers.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.
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CVR Energy Inc. (CVI) : Free Stock Analysis Report
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Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report
