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BP PLC (NYSE:BP) has announced an expansion of its global EV charging business, bp pulse, through a new deal with Simon Property Group Inc (NYSE:SPG).
This collaboration will see the installation and operation of EV charging Gigahubs at 75 Simon properties, providing over 900 ultra-fast charging bays across the U.S. The first locations are expected to be operational by early 2026.
The partnership with Simon is part of BP’s broader initiative to deliver EV charging infrastructure in key locations.
BP had previously put forward its intention of expanding the Gigahub network near airports, metropolitan areas, and its branded convenience stores and TravelCenters of America locations.
Richard Bartlett, CEO of bp pulse said, “The Simon portfolio aligns with bp pulse’s strategy to deploy ultra-fast charging across the West Coast, East Coast, Sun Belt and Great Lakes, and we are thrilled to team up with Simon so that EV drivers have a range of retail offerings at their impressive destinations.”
Also Read: BP Stumbles: Weak Oil Trading, Refining Margins Drag Down Q2 Outlook
The new charging stations will be accessible via Simon’s EV charging webpage, major map platforms, and the bp pulse app, with bp’s Omega energy management solution optimizing on-site energy usage.
bp pulse is focusing on four core markets that have the largest EV car parcs: Germany, the U.S., the U.K. and China. Worldwide, bp pulse has a network of over 33,900 charging bays and aims to roll out more than 100,000 by 2030.
BP stock has lost more than 2% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (ARCA: HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX).
Price Action: BP shares are trading lower by 0.43% at $34.75 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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