The joint venture, named Source, is intended to help French oil major TotalEnergies and UK power business SSE gain a 20% market share in Britain and Ireland for electric vehicle (EV) fast-charging infrastructure.
With the establishment of a joint venture called Source, French oil major TotalEnergies and UK power company SSE aim to capture a 20% market share in Britain and Ireland for electric vehicle (EV) fast-charging systems, the firms announced on Tuesday. Source, a 50/50 joint venture, will install and run up to 3,000 fast-charge stations in the two nations over the course of the next five years, using renewable energy provided by both parent firms. Using direct current instead of alternating current, the 150 kW fast-charging stations can fully charge an average electric vehicle (EV) battery in 30 to 60 minutes.
Although TotalEnergies will not disclose the exact amount invested, it did reveal that the costs associated with installing 3,000 fast-charge stations that run on direct current electricity came to approximately 300 million euros today. While TotalEnergies and SSE already manage the largest offshore wind farm in Scotland, Seagreen, Total also runs a network of 2,500 charging stations in and around London and over 65,000 throughout continental Europe, the majority of which are alternating current slow-charge stations.
At a conference, Mathieu Solas, director of new mobility at TotalEnergies, said, “We have developed a certain expertise in charging point management, construction, implementation, and client services… and SSE knows the integrated electricity grid aspect of the business well, so the partnership is very complementary.” As Scotland aims to have one million electric vehicles on the road by 2030 and as Britain has approved a mandate mandating new light vehicles to have zero emissions, fellow oil majors Shell and BP are also expanding their EV charging operations in the UK.
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