Shell Strengthens its EV charging business, buys NewMotion

Global oil and lubricants major, Royal Dutch Shell has agreed to buy European electric charging network provider, the Netherlands-based NewMotion marking the first deal for the oil major in electric mobility, as per Reuters. 

The announcement comes in a month after Shell announced that it was targeting 20 percent sales from electric vehicles (EV) charging and low carbon fuels by 2025. 

With its first acquisition in the EV charging business, Shell will get to over 30,000 electric charging stations in Western Europe. NewMotion founded in 2009, has around 100,000 registered users that offers access to its own charging points as well as another 50,000 partner network. 

The report further mentions that in September, NewMotion had signed a deal with oil major Total to offer its customers access to its electric charging stations. In 2016, NewMotion had a net turnover of 12.9 million euros (Rs 98.6 crore) and made a net loss of 3.9 million euros  (Rs 29.8 crore) according to its financial statement filed with the Dutch chamber of commerce.