Today: March 05, 2024
Today: March 05, 2024

Factbox-Big investors spur consolidation, growth in EV charging sector

Share This
Factbox-Big investors spur consolidation, growth in EV charging sector
December 12, 2023

(Reuters) - Big companies in Europe, North America and Asia are investing in the fast-moving global EV charging industry, according to a Reuters analysis.

That sector is undergoing rapid consolidation, with at least 85 companies being acquired since 2017.

Many charging companies are being gobbled up by big energy companies such as Shell, Statkraft, EDF, BP, Total and Engie; hardware companies such as ABB and Schneider Electric, and other charging companies, including Blink, ChargePoint and Charge Enterprises.

A number of large-cap corporations, notably BP, Shell, ABB, Siemens and SK, also have invested heavily in EV charging startups, as have automakers Volkswagen, BMW, Mercedes-Benz, Hyundai and Geely's Volvo Cars.

The VW Group’s investment portfolio in the sector includes Electrify America, Ionity, Hubject,, Go To-U, ChargeSmith, EcoG and PowerShare.

Large asset managers BlackRock, Fidelity and Wellington Management also have stakes in several charging companies. BlackRock is backing  EVgo, Ionity, Jolt Charge, Freewire and Volta Charging.

(Reporting by Paul Lienert in Detroit; Editing by David Gregorio)


Philippines, US to hold military drills in islands facing South China Sea, Taiwan

MANILA (Reuters) - The Philippines and the United States will carry out annual military exercises next month in key locations including Philippine islands facing the South China Sea and Taiwan, as

Stock market today: Asian shares are mixed as China unveils 5% economic growth target for 2024

Shares are mixed in Asia after China's premier said the country's target for economic growth this year is around 5%, in line with expectations

What you should know from the opening of China's legislature

China’s Premier Li Qiang promoted an image of confidence as he announced modest economic growth goals for the country at one of its most important political gatherings

US Navy says USS John Finn conducted routine south-to-north Taiwan Strait transit

BEIJING (Reuters) - The Arleigh-Burke guided missile class destroyer USS John Finn conducted a routine south-to-north Taiwan Strait transit on March 5, the U.S. Navy said in a statement on Tuesday.

Analysis-Chinese developers resume UK commercial property retreat

By Iain Withers and Marc Jones LONDON (Reuters) - Some big Chinese developers are set to offload more real estate in Britain to raise cash, property agents say, making the most of a slowly thawing

Blackrock sees India, Indonesia as promising for investment opportunities

JAKARTA (Reuters) - U.S. investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on


Cryptoverse: Asian traders give bitcoin blast-off

By Jihoon Lee and Jaspreet Kalra SEOUL/MUMBAI (Reuters) - Bitcoin's runaway rally is being driven by investors in Asia.

Analysis-Boeing's Spirit Aero bid could help supply chain but is no cure-all

By Allison Lampert and Abhijith Ganapavaram (Reuters) - Boeing's possible takeover of Spirit AeroSystems, along with delaying plans to ramp up production of 737 MAX jets, could help the planemaker

Thousands of Korean doctors face license suspensions as Seoul moves to prosecute strike leaders

Thousands of striking junior doctors in South Korea are facing proceedings to suspend their medical licenses Tuesday

AI pervades everyday life with almost no oversight. States scramble to catch up

Lawmakers in at least seven states are taking big legislative swings to regulate bias in artificial intelligence

- Advertisement -
Advertisement: Limited Time Offer