Hertz (NASDAQ: HTZ) and BP (NYSE: BP) announced a deal to build a nationwide network of electric vehicle charging stations in the United States on Tuesday.
Under the agreement, BP Pulse, the oil giant’s EV-charging arm, will build the chargers and manage the software infrastructure to service Hertz’s growing fleet of rental EVs.
The deal adds to the two companies’ current program where BP Pulse takes over BP-acquired Amply Power to build EV charging stations at 25 of the car rental giant’s airport locations. The first chargers are expected to go live in 2023.
The partnership also literally powers Hertz’s goal of having 25% of its fleet be electric by 2025. The company already has thousands of EVs in its current fleet available for rent at 500 locations in 38 states. Last year, it announced deals to purchase by 2027 100,000 units from Tesla, 65,000 from Volvo spin-off Polestar, and 165,000 from General Motors.
More than supporting Hertz’s EV fleet, the two companies also aim to install chargers that will be available to taxi and ride-hailing drivers and the general public at Hertz’s high-traffic locations across the US. Making chargers more accessible in more locations will help accelerate EV adoption in the country. Charging accessibility is often cited as a major roadblock for consumers.
Hertz and BP did not disclose the financial terms of the agreement or the target number of charging stations they plan to build under the deal, but BP has previously said that it aims to build 100,000 chargers worldwide by 2030.
Hertz last traded at $16.96 on the Nasdaq.
Information for this briefing was found via BP, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.