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Hertz (HTZ) and bp (BP) Collaborate on North American EV Charging Network

September 27, 2022 8:23 AM EDT

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Vehicle rental company, Hertz (NASDAQ: HTZ) announced alongside bp (NYSE: BP) on Tuesday, the signing of a memorandum of understanding for the development of a national network of electric vehicle charging stations. The stations will be powered by bp's global electrification and charging solution brand named "bp pulse".

The agreement also involves the management of Hertz's charging infrastructure by bp pulse and the customization of its Omega software to ensure the rental company's growing fleet of electric rental cars are recharged quickly and efficiently between rentals.

Omega supports fleet operations by automating charging when the power price is low, while providing real-time visibility to EVs, chargers, power usage, and more.

Stephen Scherr, Hertz CEO said: "Hertz is accelerating the adoption of electrification by investing in the largest rental fleet of electric vehicles in North America and expanding the availability of charging stations. We are excited to partner with bp pulse to create a national charging infrastructure for the Hertz EV fleet, thereby growing the number of charging options available to our customers and providing them with a premium electric experience and lower emission travel options."

Hertz's already purchased electric vehicles from Tesla (NASDAQ: TSLA), Polestar (NASDAQ: PSNY) and General Motors (NYSE: GM), and has amassed tens of thousands of electric vehicles, available at 500 locations across 38 states. The company's objective is for one-quarter of its fleet to be electric by the end of 2024, with continued growth through acquisitions from various EV manufacturers.

Hertz has invested in thousands of charging stations across its locations, and this partnership with bp pulse will enable Hertz to substantially expand its national charging footprint.

Bernard Looney, bp chief executive, said: "It's brilliant to be joining forces with Hertz – quite simply, they are one of the biggest names on the road. Working together to deliver charging facilities and design solutions, we believe we can take the EV driving experience to the next level for US customers. And this is just the start for bp pulse in the United States."

Vic Shao, founder of Amply Power and president of bp pulse's fleet division in the United States added, "This is a landmark moment. It shows the power of bringing together bp's digital and operational capabilities with a partner like Hertz. Together with its industry-leading electrification ambitions, we can change the future of electric rental cars."

Shares of HTZ and BP are up 2.84% and 2.75%, respectively in pre-market trading, Tuesday.

By Michael Elkins | [email protected]



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