French oil giant TotalEnergies and UK power firm SSE are aiming to secure a 20% share of the electric vehicle (EV) fast-charging market in Britain and Ireland. This target will be pursued through a newly announced joint venture named Source, the companies revealed.
The partnership, structured as a 50/50 collaboration, plans to roll out and manage up to 3,000 fast-charge points across both countries over the next five years. These charging points will be powered by renewable energy provided by both parent companies, aligning with the increasing demand for sustainable solutions in the EV sector.
Source will feature 150 kilowatt (kW) fast-charge stations, utilizing direct current (DC) technology rather than alternating current (AC). These stations are designed to fully charge a typical EV battery within 30 minutes to an hour, significantly reducing the downtime for drivers and promoting broader EV adoption.
Although TotalEnergies did not disclose the total investment required, the company indicated that the current cost to deploy 3,000 DC fast-charge points is approximately 300 million euros. This substantial investment underscores the commitment of both companies to enhance the EV infrastructure in the region.
TotalEnergies and SSE already share a strong partnership through their involvement in Scotland’s largest offshore wind farm, Seagreen. Also, TotalEnergies operates a network of 2,500 charging points in and around London and about 65,000 across continental Europe, primarily consisting of slower AC charging stations.
“We have acquired significant expertise in charging point management, construction, implementation, and client services,” said Mathieu Solas, director of new mobility at TotalEnergies. “SSE, on the other hand, has a deep understanding of the integrated electricity grid, making our partnership highly complementary.”
The joint venture, Source, is set to face competition from fellow oil majors Shell and BP, who are also expanding their EV charging networks in the UK. This growth is driven by Britain’s mandate for all new light vehicles to be zero emissions and Scotland’s target of having one million EVs on the road by 2030.
With the combined strengths of TotalEnergies and SSE, Source is poised to become a significant player in the EV fast-charging market, driving forward the transition to cleaner transportation solutions across Britain and Ireland.