With the global shift towards renewables and an increasing number of companies pledging to shift to alternate energy systems, major oil companies and energy retailers have decided to take the plunge in order to remain relevant in the market by acquiring charging infrastructure providing companies. The acquisition allows them operational control and ownership of a significant number of existing EV charging points thereby adding a new and growing consumer base to their business.

The price imbalance between electric vehicles (EVs) and internal combustion engine (ICE) vehicles grows smaller every year. Power Technology Reseach reports the global EV stock of passenger vehicles to go up to 60 million by 2026 with the EMEA region contributing 35% to the active fleet and EVs would likely represent about half of the annual sales of global vehicles by 2030.