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TotalEnergies (TTE) to Build EV Charging Network in Antwerp

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TotalEnergies SE (TTE - Free Report) announced that it has received a contract from The City of Antwerp, Belgium to expand and further develop the latter’s public charging network for electric vehicles (EVs). Per the deal, TotalEnergies will use its expertise to expand the existing network of the city of Antwerp by installing new EV charge points by 2024, including high power charge.

The deal extends till 2038 and TotalEnergies will be entrusted to build infrastructure for standard charging points (22 kW) and high power charge points. The company has plans to supply electricity required in these charging points from offshore wind farms, allowing Antwerp’s EV users to benefit from a 100% renewable electricity charge for their vehicles.

TotalEnergies’ Electric Mobility Goal

TotalEnergies already has electric charging point networks in some other cities of Europe and this contract in Belgium will further expand its footprint in electric mobility in the continent. TotalEnergies has plans to install more than 150,000 electric vehicle charge points in Europe by 2025.

It has expertise and technical knowledge to develop electric vehicle charging infrastructure across the globe. TotalEnergies is developing EV charging infrastructure in Singapore as well. As more countries across the globe understand the need of cutting vehicle-related pollution, the acceptance of EVs is going to increase at a quick pace. TotalEnergies is expected to gain from the EV infrastructure development and assist in charging a huge volume of EVs.

Charging Infrastructure is Key for EV Success

EVs are going to play a critical role in lowering transportation-related emissions across the globe. Per International Energy Agency, the usage of EVs is going to increase around 36% annually from 2019 levels and touch 245 million vehicles across the globe in 2030.

A proper and accessible electric charging infrastructure holds the key for mass adoption of EVs by the common people. Tesla, Inc. (TSLA - Free Report) is developing new and advanced models of EVs but delay in the EV charging infrastructure development could slow down the adoption of EVs on a global scale.

Globally, we have seen an increasing usage of clean renewable energy and urge among energy majors to cut emission levels. Given the huge potential for growth in the EV charging business, we have seen energy giants like BP Plc. (BP - Free Report) investing in the EV charging network development. BP has been developing the EV charging network in the United Kingdom and China.

Pacific Gas and Electric, a subsidiary of PG&E Corporation (PCG - Free Report) , is engaged in developing fast charging EV stations in California.

Price Performance

In the past 12 months, TotalEnergies’ shares have underperformed the industry.

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Zacks Rank

TotalEnergies currently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.