BP Invests $5 Million in Mobile Electric Vehicle Charging Company FreeWire

By FeaturesDow Jones Newswires

BP PLC (BP.LN) said Tuesday that it has invested $5 million in mobile electric vehicle charging company FreeWire Technologies Inc., and plans to trial the company's technology at selected retail sites throughout the U.K. and Europe this year.

The oil major has made the investment via BP Ventures which identifies and invests in private, high-growth technology companies.

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Since 2006, BP Ventures has invested over $400 million in corporate venturing and has 42 active investments in its current portfolio.

"Mobility is changing and BP is committed to remaining the fuel retailer of choice into the future. EV charging will undoubtedly become an important part of our business, but customer demand and the technologies available are still evolving," said BP Downstream Chief Executive Tufan Erginbilgic.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

January 30, 2018 04:44 ET (09:44 GMT)

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