On Thursday, Australia’s AGL Energy (AGL.AX) announced a three-year partnership with BP (BP.L) to make electric vehicle charging outlets in New South Wales more accessible to move to green energy.
When clients in New South Wales join up for AGL’s “Electric Vehicle at-home programme,” the company and BP Pulse, the London-based firm’s electric vehicle charging division, will initially provide lower charging rates and ultra-fast chargers.
AGL said the deal to create goods and services for accessible charging sites would assist EV drivers in overcoming range anxiety.
After climbing 0.1% in early trade, the nation’s largest power producer slumped 0.8%, while BP fell 3.7%.
AGL said both parties would research and work on renewable energy-powered public charging infrastructure as part of the deal.
BP said the arrangement supports its plan to install 600 BP Pulse EV charging sites across Australia by 2025.
“As we transition to a low-carbon future, this agreement will empower our customers with innovative, sustainable and cost-effective EV charging solutions,” AGL Chief Customer Officer Jo Egan said.
“I think the partnership could be good for AGL by promoting its EV program but I think the financial impact will really only be felt at the margins,” Morgans Financial equity research analyst Max Vickerson said.
EV demand has increased as enterprises diversify into sustainable energy.
In April, AGL closed the Liddell power station, one of the oldest coal-fired stations, to turn it into a renewable energy center.
