Australia’s AGL Energy (AGL.AX) said on Thursday it had signed a three-year agreement with energy giant BP (BP.L) to provide easier access to electric vehicle charging points for users in New Wales. del Sur, in an attempt to switch to green energy.
Under the deal, the company and BP Pulse, the London-based firm’s electric vehicle charging business, will initially offer customers in New South Wales discounted charging rates and ultra-fast chargers when they sign up for the ‘ Electric Vehicle at- of existing AGL’. home program.
AGL said in a statement that the agreement to develop products and services for accessible charging points would help reduce range anxiety, a common fear among electric vehicle drivers.
Shares in the country’s top energy producer fell 0.8 percent after rising 0.1 percent in early trading, while BP had finished down 3.7 percent on Wednesday.
AGL also said that as part of the deal, both parties would look to explore and collaborate on public charging infrastructure powered by renewable energy.
BP said the deal is in line with its strategy to roll out its network of 600 BP Pulse EV charging points across Australia by 2025.
“As we transition to a low-carbon future, this agreement will empower our customers with innovative, sustainable and cost-effective electric vehicle charging solutions,” said AGL Director of Customer Care Jo Egan.
“I think the partnership could be good for AGL in furthering its EV program, but I think the financial impact will really only be felt on the margins,” said Max Vickerson, an equity research analyst at Morgans Financial.
Multiple companies looking to expand their portfolios towards sustainable energy have recently boosted demand for electric vehicles.
AGL had closed the Liddell power station, one of the oldest coal-fired power stations, in April after more than half a century of operation, as it sought to convert the site into a renewable energy hub.