TotalEnergies and power firm SSE have announced the creation of a joint venture named Source, aiming to secure a 20 percent share of the electric vehicle (EV) charging market in Britain and Ireland.
TotalEnergies website for UK says it has 2,500 EV charge points, delivers 10 million + kWh electricity annually, achieves 60,000 charges per month, and member base of 16,000.
The global electric vehicle charging station market size is estimated to reach $344.61 billion by 2032 from $34.59 billion in 2023 with a CAGR of 29.1 percent from 2023 to 2032.
This 50-50 JV between TotalEnergies and SSE will deploy and operate up to 3,000 EV charging stations in the two countries over the next five years, all powered by renewable energy from the parent companies.
The 150 kilowatt (kW) fast-charge stations will utilize direct current (DC) technology, enabling a typical EV battery to go from empty to full in 30 minutes to an hour. Though TotalEnergies did not disclose the total investment amount, it estimated the cost of rolling out 3,000 DC fast-charge points to be around 300 million euros, Reuters news report said.
TotalEnergies and SSE have already partnered on Scotland’s largest offshore wind farm, Seagreen. TotalEnergies also operates a network of 2,500 charging points in and around London and about 65,000 in continental Europe, primarily consisting of slower alternating current (AC) stations.
“We have acquired a certain expertise in charging point management, construction, implementation, and client services, while SSE knows the integrated electricity grid aspect of the business well, so the partnership is very complementary,” said Mathieu Solas, director of new mobility at TotalEnergies, during a briefing.
The move comes as other oil majors like Shell and BP are also expanding their EV charging businesses in the UK, driven by the country’s mandate for all new light vehicles to be zero emissions and Scotland’s goal of having one million EVs on the road by 2030.
Baburajan Kizhakedath