Shell buys Ubitricity

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

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

"On-street options such as lantern charging options offered by Ubitricity will be critical for those who live and work in cities or don't have private parking," István Kapitány, executive vice president of Shell Global Mobility, said in a company statement.

Shell aims to become a net-zero emissions company by 2050. That's why it's investing more in electric offerings. Ubitricity is looking to grow further with the acquisition. "Shell has big ambitions in the charging market, is present in very many countries and wants to become climate neutral," Ubitricity CEO Lex Hartman tells Handelsblatt