Heavyweights of the combustion-car era like Shell, Exxon Mobil, and BP could dominate the electric future.
BP recently bought $100 million worth of Tesla Superchargers for its charging network. , it's clear that oil giants like Shell, BP, and Exxon Mobil want to profit off of how people get around — regardless of the fuel source.European firms are leading the charge on charging, said Bruce On, a partner at EY who focuses on the energy industry. They see their vast existing footprints and understanding of the retail experience as a competitive edge, he said.renowned charging plugs.
Shell Recharge, the oil company's charging arm, is farther along. It operates 140,000 plugs globally and earlier this year bought Volta, a U.S. charging provider, for $169 million. In September, it opened a massive charging hub inwith 258 stalls. For reference, charging stations in the U.S. typically have between 4 and 12 plugs. The project was a joint effort between Shell and
Big Oil is also getting into batteries, the backbone of the auto industry's electric transformation. Koch Industries, for example, has spent hundreds of millions of dollars U.S. firms are less keen on charging and more interested in doing what they do best: getting raw materials out of the ground, On said. Exxon Mobil bought up 120,000 acres of land in Arkansas earlier this year with plans to extract and process lithium, a key material in lithium-ion EV batteries,
Oil drilling can produce lithium-rich brine as a byproduct, which has historically been ignored. As EVs boom and the U.S. government pushes to develop a domestic supply chain for battery materials, it makes sense that oil producers see new opportunities.Are we heading toward a future where the same companies that drove the combustion era dominate the world of EVs? We'll have to wait and see.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shell launches share buyback scheme as high oil prices boost profitsLouis Goss is a MarketWatch reporter based in London.
Read more »
Seinfeld, Margulies, other industry heavyweights rip Hollywood’s hypocrisy on antisemitism: ‘Failed us deeply’Celebrities and other industry insiders have been blasting their Hollywood colleagues for not speaking out against Hamas' attack on Israel and the rising wave of antisemitism.
Read more »
One Piece Cosplay Shows Off Big Mom's Wano LookAn awesome One Piece cosplay highlights Big Mom's big makeover in Wano!
Read more »
Shell Earnings Rose on Higher Energy Prices; Launches $3.5 Bln BuybackBy Christian Moess Laursen Shell's third-quarter earnings rose on higher refining margins, oil prices and gas and oil sales, while it launched a $3.5 billion...
Read more »