Economy

SSE and TotalEnergies accelerate electric vehicle charging network rollout

SSE and TotalEnergies have launched a joint venture aimed at boosting the electric vehicle (EV) infrastructure in the UK and the Republic of Ireland by installing 3,000 ultra-fast charging points.

The new business, named Source, plans to deploy these charging points over the next five years, strategically placing them in 300 hubs along major roads and in urban centres. These rapid chargers will provide enough power in just six minutes for an EV to travel over sixty miles.

“We agreed on this target of 300 sites, but if the market is growing faster it’s also an opportunity for Great Britain,” said Nicolas Longatte, vice-president of electric vehicle charging at TotalEnergies. “We feel it will accelerate the decarbonisation of transport within the UK.

SSE, a FTSE 100 energy company, and TotalEnergies, a French multinational, have previously collaborated on renewable infrastructure projects, but this marks their first partnership focused on EV charging points.

Nathan Sanders, managing director of distributed energy at SSE, emphasised the importance of meeting the demand for EV chargers. “We’re looking at the demand of chargers, drivers, and operators to ensure we’re in a position to accelerate delivery in line with the UK’s zero-emission mandate. We want to be ahead of the curve and provide the necessary infrastructure to build confidence in the EV market, reducing anxiety for fleets and public charging.”

With several hubs already under construction, the companies aim to capture a 20% market share. Sanders also highlighted the positive impact of the new Labour government on the EV industry, noting that reinstating the 2030 ban on new petrol and diesel cars could significantly drive market growth and support the UK’s decarbonisation efforts. He expressed hope that the government would “accelerate the rollout of electric vehicles through planning and policy direction that boosts market confidence.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:

GroovyTrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 GroovyTrades. All Rights Reserved.

To Top