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TotalEnergies (TTE) Starts In-Depot Charging for Electric Trucks

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TotalEnergies SE (TTE - Free Report) announced the launch of an in-depot electric truck charging service at the SOLUTRANS road and urban transportation trade show. This new solution will enable TotalEnergies to install and manage charging solutions tailored to transporters’ requirements to support their transition to electric mobility.

The solution includes charge points that optimize the time trucks spend at the depot (usually 12 hours) so the battery can be fully recharged to 100%. The solution also includes ultra-fast charge points up to 400 kilowatts (kW) for additional charging.

In order to meet the charging needs of transporters outside their depot, TotalEnergy will also install charge points along Europe’s road corridors from 2024. These include High Power Charge Points (HPC) during compulsory breaks on long journeys and slow charge points at rest areas.

TTE’s Focus on Electric Mobility

TotalEnergies supports the growth of electric mobility on a broad scale by making major investments in the establishment of charging infrastructures for electric cars that are accessible to as many people as possible, with approximately 53,000 charging stations in operation by 2023. It has already installed 300 EV fast-charging hubs to enable quick charging on highways and in high-traffic areas. TTE plans to have 1,000 sites in Europe by 2028.

With a portfolio of more than 30,000 charging stations operating or being deployed in Paris, London, Brussels, Ghent, Antwerp, Flanders, Amsterdam and its region, Berlin, Singapore and Madrid, the company pursues its deployment in major metropolitan regions across the world.

In October 2023, TotalEnergies announced that it has installed and started operating more than 1,000 HPC for EVs in France. In addition to its service stations, TTE runs around 18,000 charge points throughout France in local governments, commercial fleets, peri-urban areas, parking lots and private residences.

In September 2023, the company received a contract to install and operate 1,100 HPC for EVs in rural and urban areas of Germany, with up to 200 kW capacity. These charging stations will be arranged in EV hubs at 134 places across eastern, central and western Germany.

Promising EV Prospects

Per the International Energy Agency (IEA), in the net zero scenario, the use of EVs is going to increase globally and EV sales are set to contribute around 65% to total car sales in 2030. EV sales increased 55% in 2022 compared with the 2021 level. IEA expects sales to improve approximately 25% every year during 2023-2030.

A well-organized EV charging network will be necessary due to the enormous rise in EV usage over the next few years, which will also help reduce emissions from vehicles.

Along with TotalEnergies, other oil and gas companies like Shell plc (SHEL - Free Report) and BP PLC (BP - Free Report) are also expanding their EV charging operations.

In September 2023, Shell opened the world's largest EV charging station in Shenzhen, China. The massive charging station features an impressive 258 charge points and solar panels with an annual generation capacity of 300,000 kWh. Shell has positioned itself as a key player in the rapidly expanding Chinese EV market, which is not only the largest but also the fastest-growing market in the world.

The company’s long-term (three- to five-year) earnings growth rate is 9.33%. It delivered an average earnings surprise of 11.8% in the last four quarters.

In February 2023, BP announced its plans to invest $1 billion by 2030 in EV charging stations across the United States. Hertz and BP announced their plan to install fast-charging infrastructure at Hertz locations in important cities. BP has 22,000 charge points around the world and aims to have more than 100,000 by 2030.

BP’s long-term earnings growth rate is 6.51%. The Zacks Consensus Estimate for 2023 earnings is pegged at $5.18 per share.

Price Performance

In the past three months, shares of TotalEnergies have risen 11% compared with the industry’s 6.3% growth.


Zacks Investment Research
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Zacks Rank & Another Stock to Consider

TotalEnergies currently carries a Zacks Rank #2 (Buy).

Another top-ranked stock from the same sector is PBF Energy (PBF - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for PBF’s 2023 earnings is pegged at $12.32 per share. The company delivered an average earnings surprise of 9.3% in the last four quarters.

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