MECOM's strategic partner ubitricity to be fully acquired by Shell

MECOM's strategic partner ubitricity to be fully acquired by Shell

According to Reuters, Royal Dutch Shell said on Monday it was acquiring the owner of the UK's largest public electric vehicle charging network, ubitricity, for an undisclosed amount. "This acquisition marks Shell's expansion into the fast-growing on-street EV charging market and will provide critical competencies, helping Shell to scale its overall EV charging offer," Shell said in a statement. The oil giant is aiming to become a net-zero emissions energy business by 2050 or sooner.

Early in Sep 2020, ubitricity announced the collaboration with MECOM Power and Construction Limited ("MECOM") (HKSE:1183) to make EV charging and billing solutions available in the Greater Bay Area and China. The EV charging and billing solutions will be based on ubitricity's patented Mobile Metering and intelligent charging technology and MECOM's strong expertise as an engineering and construction leader.

MECOM and ubitrcity join forces by tasking a mutual project team with selected industry experts to drive forward the roll-out of EV charging and billing solutions in the electric mobility industry in the Guangdong-Hong Kong-Macau Greater Bay Area.

Shell's acquisition implies ubitricity's future existence worldwide in Shell's service stations. With the partnership with ubitricity, MECOM's footprint is expected to expand globally thus becoming a market leader in the world.

"We know how important the coming years are for e-mobility and believe in a promising economical future of the technology in that industry. With our new partner ubitricity we are well-prepared to play a bigger role for EV infrastructure in the Greater Bay Area." - Mr. Sou Kun Tou, Executive Director and CEO of MECOM Power and Construction Limited.

About MECOM Power and Construction Limited ("MECOM")

MECOM is a renowned integrated construction engineering contractor in Macau specializing in undertaking highly challenging and complex structural construction works project, high voltage power substation construction projects and facilities management maintenance works for large scale hotel/entertainment venues.

About ubitricity

ubitricity Group was established in 2008 in its headquarters in Berlin, Germany. Internationally, ubitricity is one of the largest EV charge point operators in the UK with over 2,000 on-street charge points. With the patented Mobile Metering system and the concept of digital smart grid management, ubitricity furthermore brings the EV into the center of the value creation of charging and the flexibility potential of the EV battery. The company has received investment from several strategic investors including Heinz Dürr Invest GmbH, EDF Deutschland GmbH, next47 GmbH (Siemens) and Honda Motor Company.