BP invests in Chinese electric car charging technology
London-based oil giant BP said it has invested in Chinese start-up PowerShare, which links electric vehicle drivers to charging points and helps power suppliers balance distribution.
The PowerShare application, which is used in cities such as Shanghai, will help manage growing pressure on power grids as electric vehicles (EVs) usage surges in the coming decades, Reuters reported.
China is targeting sales of more than seven million EVs by 2025, the news agency reported, which means the need to manage demand and distribution of power on the grid, particularly at times of peak demand, will be crucial.
BP’s investment is the latest in a number of such investments by the London-based oil and gas major.
“As more and more EVs come on, grid operators are concerned about mobile demand. PowerShare can monitor where vehicles are and where demand is in the system,” Graham Howes, managing director of BP Ventures in Asia, told Reuters.