2030 Finance | October 18, 2017

Shell buys EV-charging company NewMotion

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Royal Dutch Shell is hedging its bets as more countries commit to taking vehicles that burn fossil fuels off the road.

The world’s sixth-largest oil company is buying Netherlands-based NewMotion, which makes public and home-based electric-vehicle chargers. Financial terms weren’t disclosed.

Although less than 1% of cars sold today are electric, hybrid and all-electric vehicles could represent 70% of cars on the road by 2030.

Last month, Shell announced plans to invest $1 billion on vehicle-charging and energy-management technologies.

EV-support companies that have raised capital this year include ION Energy in India, which is developing batteries for electric vehicles, and Envision Solar in California, which builds solar-powered charging stations.