Greenlots charge= paying $hell-Oil> acquired another

classic Classic list List threaded Threaded
1 message Options
Reply | Threaded
Open this post in threaded view

Greenlots charge= paying $hell-Oil> acquired another

Electric Vehicle Discussion List mailing list
Shell Acquires Greenlots to Lead North American EV Charging Push
January 30, 2019  Julian Spector

The deal gives Shell a foothold in the emerging U.S. electric-vehicle
charging market  / Greenlots

The Los Angeles startup found a well-capitalized backer for its charging
network software platform.

Shell New Energies, a subsidiary of oil major Royal Dutch Shell, acquired EV
charging startup Greenlots, claiming a bigger stake in the emerging electric
mobility marketplace.

Greenlots will keep its brand and leadership, and will become the
“foundation” of Shell’s electric mobility business in North America, the
companies said in a statement Wednesday. They did not disclose the price of
the acquisition.

“Our technology, backed by the resources, scale and reach of Shell, will
accelerate this transition to a future mobility ecosystem that is safer,
cleaner and more accessible," Greenlots CEO Brett Hauser said in the

Shell has emerged as a leading source of investment in the cleantech space
in recent years, as it builds out businesses around “new fuels,” including
electricity. The company has also been stocking up on talent from the more
turbulent cleantech startup world.

It bought Dutch company NewMotion in 2017, gaining access to 30,000 charging
stations throughout Western Europe. Last year, Shell led a $31 million
investment in Ample, a stealthy EV charging startup that does something with

Shell has also spread money around to distributed energy companies and even
a thermal storage startup.

The deal marks the third exit for Energy Impact Partners, the utility-backed
venture fund that connects its grid edge portfolio companies with the legacy
energy companies that could become end users. Its previous exits were Ring
and Tendril.

Charging networks have to manage several operating parameters: customer
satisfaction, grid impacts, electric rates, demand charges and interaction
with other distributed energy resources like solar panels or batteries. They
sit at the confluence of three major industries: Automakers, electric
utilities and oil companies all have a stake in how electric mobility plays

Greenlots had emerged as one of the largest platform companies for electric
charging, racking up contracts with utilities including Avista Utilities,
Southern Company, Southern California Edison, BC Hydro, Pacific Gas &
Electric, HECO and AEP Ohio. It also partnered with car companies such as
Volvo Trucks and General Motors.

The company scored a major deal with Electrify America, to provide the
operating platform for a $2 billion, nationwide charging infrastructure

Shell’s entry into this market for both North America and Europe brings a
substantial source of capital, which will prove useful in paying for the
necessary infrastructural upgrades. Shell already has a footprint of gas
stations, and has begun introducing electric chargers in its European

That financial support addresses a key challenge for charging startups:
financial patience, according to Ben Kellison, director of grid research at
Wood Mackenzie Power & Renewables.

Companies have to invest in infrastructure that might pay off years down the
road, if EV adoption proceeds as expected. ChargePoint approached this by
raising nearly $500 million for its corporate war chest, Kellison noted.
Greenlots, on the other hand, raised less than $15 million since its

"Shell could provide Greenlots with the necessary capital to drastically
increase the size of their network, and the time needed to invest in prime
locations earlier than other providers, accepting short-term losses for
long-term gains," Kellison said.

The low tally of funds raised also increases the likelihood that Greenlots
returned a favorable exit to its investors.

Colorado Auto Dealers File Lawsuit Over Electric Cars, Fuel Standards
2019/01/30  DENVER (CBS4)– A lawsuit over tougher vehicle fuel standards has
been filed by the Colorado Automobile Dealers Association. The suit aims to
repeal a rule that mandates automakers to boost fuel efficiency. The rule
was approved in November of last year by the Colorado Air Quality Control
Commission. The auto dealers maintain that the new standards would result in
higher vehicle prices that would harm working families ... They includes
providing car buyers with less expensive options for electric cars, and
creating a team that will work to develop the infrastructure needed to power
... [video  flash]

For EVLN EV-newswire posts use:


Sent from:
Please discuss EV drag racing at NEDRA (