bp, Which Recently Created A New Retail Supplier, Takes "First Major Step Into Electrification" In The U.S. By Acquiring EV Fleet Charging Provider

bp said that it, "took its first major step into electrification in the US," with the acquisition of AMPLY Power, an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles.

As noted earlier this year, BP has created a new U.S. retail energy supplier, BP Energy Retail LLC

bp said that, "Fleet charging is a key part of bp's electrification strategy and the acquisition of AMPLY Power will accelerate its entry into one of the fastest growing fleet charging segments in the world."

bp said that, "bp plans to use its global reach and relationships to grow AMPLY Power and introduce its proven EV fleet charging services and energy management solutions to customers around the globe."

David Lawler, chairman and president, bp America stated, "Expanding into EV fleet charging is the latest in bp's ongoing commitment to help drive the energy transition in the US. This acquisition builds on significant investments in offshore wind earlier this year in New England, onshore wind across seven states and our rapidly growing presence in solar. bp sees enormous opportunity for the US to lead the energy transition, and we're excited to help the country on its journey to net zero."

"This investment is aligned with bp's plan to scale-up next generation mobility solutions, providing the fastest, most reliable and convenient network of charging and digital solutions for customers, including individual drivers and fleet operators," bp said

"By 2030, bp aims to nearly double earnings from its global convenience and mobility businesses -- increasing from around $5 billion in 2019 -- while delivering returns in the range of 15-20%. During this time, bp plans to grow its global network of EV charging points from around 11,000 today to more than 70,000," bp said

AMPLY Power has two offers for fleet operators:

• Fully financed Charging-as-a-Service (CaaS) – AMPLY Power provides solutions for the charging of customers' fleets, including the procurement and installation of hardware, software and operational and maintenance costs. Customers sign 5-to-10 year agreements for these services and AMPLY Power charges customers a flat usage rate ($/kWh or $ per mile driven).

• Customer-financed Software-as-a-Service (SaaS) – For customers who prefer to own their charging infrastructure, AMPLY Power offers a software and operate model where customers pay an annual license and service fee for software and managed services. AMPLY Power can manage these customers' fleet electrification infrastructure services.

"AMPLY Power's innovative OMEGA Charge Management System software helps fleet operators manage energy costs and optimizes performance by providing real-time monitoring of EV charging operations and preventative maintenance for both vehicles and chargers," bp said

Under the terms of the agreement, AMPLY Power will continue to operate independently as part of bp's global portfolio of businesses. Financial details of the agreement are not being disclosed.