TOTAL SE (TOT - Free Report) announced that it has completed the acquisition of Blue Point London from the Bolloré Group. Through this deal, TOTAL will now be in charge of the largest electric vehicle charging network in London, with 1600 on-street charge points.
The usage of electric charging point ensures reduction of emissions and is in sync with London’s ambition of becoming a zero-carbon city by 2050. Higher usage of electric vehicles and development of electric charging infrastructure will contribute toward reduction in emissions. The City of London’s aim is to increase the number of electric vehicle charge points by tenfold within five years in order to achieve its target.
TOTAL will help the City of London to achieve its goal. Also, it will benefit from the City of London’s expansion plan. The company has committed to powering this charging network with electricity 100% guaranteed from renewable sources.
TOTAL’s Electric Mobility Goal
TOTAL already has installation of electric charging point networks in the Metropolitan Region Amsterdam and the Brussels-Capital Region. This acquisition of electric charging network in London further expands its footprint in electric mobility in Europe. TOTAL has plans to install more than 150,000 electric vehicle charge points by 2025. These acquisitions are helping the company achieve its target.
Clean Energy on Focus
TOTAL is gradually building the clean electricity generation portfolio. The acquisition of SunPower Corporation (SPWR - Free Report) has been enabling the company to expand solar operations since 2011. It now plans to scale up renewable generation capacity to 25 GW by 2025. TOTAL also targets to generate 40% of revenues in 2050 from low-carbon electricity sales.
Increasing usage of clean renewable energy creates ample opportunity for growth. Given the possibility of increasing the usage of renewable energy, oil and gas companies like Chevron Corporation (CVX - Free Report) and Royal Dutch Shell Plc (RDS.A - Free Report) , among others, are also investing heavily in the renewable energy space.
In the past three months, TOTAL’s shares have outperformed the industry.
TOTAL currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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