Shell buys Ubitricity

With this the oil company is further expanding its electrical strategy. The start-up is hoping for growth from the takeover.

The Dutch-British oil company Shell is buying the electric charging start-up Ubitricity. The Berlin-based company operates the largest public charging network in the UK with more than 2,700 charging stations. It has also already installed 1,500 private charging points for fleet customers in Europe. However, the service is still in the pilot phase in Germany, with only 74 charging stations installed.

"On-street options such as lamppost charging offered by Ubitricity will be crucial for those who live and work in cities or don't have a private parking space," says István Kapitány, Executive Vice President of Shell Global Mobility, in a company statement.

Shell wants to become a net-zero emissions company by 2050. That is why it is investing more in electric offerings. Ubitricity aims to grow further with the acquisition. "Shell has big ambitions in the charging market, is represented in many countries and wants to become climate-neutral," Ubitricity Managing Director Lex Hartman told Handelsblatt. "It is therefore the perfect partner for us in this next phase." The two companies did not want to disclose the purchase price.