State-owned Hindustan Petroleum Corporation Limited (HPCL) is planning to build as many as 5,000 electric vehicle (EV) charging stations in a span of three years, reports Economic Times.
The company is aiming to capture a significant share of the nascent EV charging market.
The oil major is planning to leverage its nationwide network of 19,000 fuel retail stations, brand loyalty and years of experience serving vehicle owners by adding EV charging facilities. Most of the 5,000 EV charging stations will be built in its fuel retail outlets.
It should be noted that the company has about 85 EV charging stations at present, all of which have been established at existing fuel stations. Also, over the last few years, HPCL has piloted charging stations and battery swapping facilities. It has also struck various partnerships to prepare itself for a larger rollout of EV charging stations.
HPCL currently follows an “Opex-sharing” model wherein its partners like Tata Motors and Convergence Energy Services (CESL) bring in investments for the charging facilities. This lowers the initial investment for HPCL to set up the charging stations.