Royal Dutch Shell has diversified its investment to acquire Ubitricity, owner of the largest public charging network for electric vehicles in the UK.
The company in a statement released on Monday announced its purchase of 100 percent of Ubitricity to expand its investment into the power supply chain.
Ubitricity which is a leading European provider of on-street charging for electricity vehicles was founded in Germany and is endowed with infrastructures like lamp posts. The company has over 2,700 charge points in the UK with 13 percent market share.
While highlighting its reasons for buying Ubitricity, Shell said the company already has over 1,000 fast and and ultrafast charging points at its crude oil stations, adding that its acquisition would expand on-street charging for vehicles that seek greater options.
The deal however is subject to regulatory approval which is expected to be sealed later in the year.