BP Pulse — an offshoot of the oil giant that specializes in electric vehicle charging — has placed a $100 million order of Tesla's ultra-fast EV chargers. The investment, according to the company, comes as part of an effort to expand its public EV charging network across the U.S.
This marks the first time that Tesla's charging hardware has been purchased for an independent charging network, the company said.
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BP will begin installing Tesla's chargers at select locations beginning in 2024, including TravelCenters of America, Thorntons, Amoco and its other major charging stations throughout metropolitan areas. Houston, Phoenix, Los Angeles, Chicago and Washington D.C. have been marked by BP as the first installation sites in this new deal.
"Strengthening the bp pulse network with Tesla’s industry-leading hardware is a major step forward in our ambitions for high speed, open access charging infrastructure in the US and advances our ambition to delivering an exceptional customer experience," Richard Bartlett, global CEO of bp pulse said in a statement.
The chargers, capable of putting out 250 kW of power, will be "branded, installed and operated by bp pulse."
Rebecca Tinucci, Tesla's Senior Director of Charging Infrastructure, said in a statement that, though selling charging hardware is a first for the company, it is an area that Tesla is "looking to expand" to further its electrification goals.
This latest deal is in line with BP's plans to invest $1 billion in U.S. EV charging infrastructure by 2030.
The deal is additionally in line with predictions made in August by Wedbush analyst Dan Ives, whose Tesla bull thesis involves the company monetizing its software and services, notably, EV charging.
Ives projected in August that Tesla's Supercharger network could bring in up to $20 billion in revenue by the end of the decade.
Tesla shares, which have been falling ever since the EV leader posted weaker-than-expected earnings last week, remained unmoved by news of the partnership.
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