Royal Dutch Shell, a leading global oil and natural gas producer, will purchase a top European operator of electric vehicle charging stations in a push to roll out the technology at its service stations.
Under the deal, NewMotion, which has been active in the market since 2009, will continue as a wholly owned subsidiary of Shell.
The company, which will become a wholly owned subsidiary of Royal Dutch Shell, operates more than 30,000 private electric charge points for homes and businesses in the Netherlands, Germany, France and the United Kingdom.
"We're starting to provide electric-vehicle fast-charging on Shell retail sites and working on smart charging to help the electricity grid cope with the demands of battery electric vehicles".
Analysts at Bloomberg New Energy Finance predicted this year that one-third of automobiles in the world will be electric by 2040, a shift that will cut demand for oil production by about 8 million barrels a day.