Shell announces acquisition of electric vehicle solutions company, Greenlots

North America: Shell New Energies LLC, the clean energy investment arm of Royal Dutch Shell Plc, acquired Greenlots, a Los Angeles, US based provider of EV charging and energy management software and services. Shell already has been active in Europe, where the company acquired NewMotion, a leading EV charging provider in Europe, and signed an agreement with Ionity to offer E charging in ten European countries.

VP of New Energies for Shell stated that, “As customers’ needs evolve, the company will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive. The latest investment in meeting the low-carbon energy needs of US drivers today is part of the wider efforts of company to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.”

CEO of Greenlots stated that “Utilities are playing a pivotal role in accelerating the transition to a future electric mobility system that is safer, cleaner and more efficient. The company look forward to now working with the resources, scale and reach of Shell to further accelerate this transition.”

According to TechSci Research, oil and gas major, Shell New Energies is seeking to leverage the company’s strengths in fast-growing EV charging market. Moreover, the increasing demand for the reduction of harmful gas emissions from the automobile sector backed by favorable government policies in the form of subsidies and increasing inclination towards electric vehicles are contributing to the growth of global electric vehicle and electric vehicle infrastructure market, globally.

According to TechSci Research report, “Global Electric Vehicle Infrastructure Market By Type (AC Charger & DC Charger), By Installed Location (Commercial & Residential), By Region (North America, Europe & Asia-Pacific), Competition Forecast and Opportunities, 2011 - 2021”, the global market for electric vehicle infrastructure is forecast to grow at a CAGR of over 27% during 2016-2021, on account of favorable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles is expected to offer huge impetus to global electric vehicle infrastructure market in the coming years. Evolution of smart grid technologies and the concept of virtual power plants is forecast to further boost the global market for electric vehicles and its related charging infrastructure in the coming years. The option of power trading for electric vehicles owners is also expected to positively influence the global electric vehicle infrastructure market during the forecast period.

According to another recently published report by TechSci Research, “Global Electric Passenger Car Market, By Vehicle Type (Sedan, Hatchback & SUV), By Technology Type (PHEV Vs. BEV), By Driving Range (Up to 150 Miles Vs. Above 150 Miles), By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global electric passenger car market stood at $ 40 billion in 2017 and is projected to grow at a CAGR of more than 26% to reach $ 189 billion by 2023, on account of increasing government efforts aimed at encouraging the use of electric vehicles amid alarming pollution levels, globally. Technological advancements on account of increasing focus on research & development activities by leading automobile companies to launch affordable and premium quality electric passenger cars, in addition to rising penetration of electric passenger cars in developing economies are expected to aid the global electric passenger car market over the coming years. Growing environmental awareness among consumers and improving charging infrastructure are some of the other factors that would positively influence the market during the forecast period.