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.