Shell enters EV charging in North America through acquisition
The announced agreement envisions acquisitions of 100% of the company, which will become a wholly owned subsidiary.
According to the press release, under the wings of Shell, Greenlots expects to accelerate charging infrastructure deployment and management.
Greenlots revealed to us that the company already grew nearly tenfold since its inception. During tough times of developments of charging business, Greenlots got multimillion-dollar contracts supporting EV charging networks in the U.S. Its portfolio of customers includes Volvo, GM, The City of LA and Volkswagen/Electrify America.
"With this deal, Greenlots' technology and team become the foundation for Shell's continued expansion of electric mobility solutions in North America. Together, the companies will offer best in class software and services that enable large-scale deployment of smart charging infrastructure and integrate efficiently with advanced energy resources like solar, wind and power storage."
"With Shell, Greenlots will intensify its growth efforts and expand its range of mobility services to utilities, cities, automakers, fleets and drivers around the world. Greenlots will retain its brand identity and leadership team."
For Shell, it's a similar investment like in the case of NewMotion, acquired in Europe in 2017. The Dutch Big Oil company step by step is trying to secure its business in the dawn of the electric vehicle era.
Brett Hauser, Chief Executive Officer of Greenlots said:
"As power and mobility converge, there will be a seismic shift in how people and goods are transported. Electrification will enable a more connected, autonomous and personalized experience. Our technology, backed by the resources, scale and reach of Shell, will accelerate this transition to a future mobility ecosystem that is safer, cleaner and more accessible."
Mark Gainsborough, Executive Vice President, New Energies for Shell said:
"As our customers' needs evolve, we will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive. This latest investment in meeting the low-carbon energy needs of US drivers today is part of our wider efforts to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities."