BP is in talks with Indian companies for investment in electric vehicle charging infrastructure, energy storage, battery swapping, last-mile logistics, and electric scooters.
The company can invest around 1/3 of its investments in India for a clean mobility drive. In September, BP invested in BluSmart with $13 million for EV rides. India makes 2% of the company’s $800 million portfolios.
Sophia Nadur said, “India is a bubbly market so we shouldn’t be too slow about this, and we are not intending to be. It could be as much as a third of our investments in a few years.”
In transitioning from fossil fuels, BP is investing in renewable sources. The company has invested in many companies including FreeWire (US mobile EV charging company) and StoreDot (an Israeli fast-charge battery company).
India is switching to electric vehicles and has set a target to make at least 30% of its cars electric by 2030. BUt the battery prices are also rising and there is a lack of charging infrastructure.
“We are very much focused on kick-starting the new disruptive areas which could be meaningful to BP in the future,” Nadur added.
BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years. The investment will help bp move towards becoming a leader in India’s mobility market and to provide integrated energy and mobility solutions to help customers reduce their emissions across the world.
BluSmart is India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner, and more sustainable mobility. It is the first service of its kind with no surge pricing or rides rejected by drivers.