BP is understood to have invested up to $5 million in Powershare, which operates an online platform connecting drivers with charge point operators and power suppliers in China Qilai Shen/GettyBP has stepped up its drive into the electric vehicle market with an investment in a Chinese charging technology company. The oil giant’s ventures arm is understood to have invested up to $5 million in Powershare, which operates an online platform connecting drivers with charge point operators and power suppliers in China. While small-scale, the investment gives the company a foothold in “the world’s largest EV market and a key market for BP”, Lamar McKay, the oil group’s deputy chief executive, said. BP, which is based in London, employs about 70,000 people worldwide and reported profits of $2.8 billion in 2017, primarily from producing and selling oil and gas. It is expanding its presence in renewable energy and the power market and last year spent…

Source: The Times January 25, 2019 00:00 UTC