Indian Oil aims to set up EV charging pods at their fuel stations while BPCL eyes establishing rooftop solar panels
Major oil companies in India are targeting to grab sizeable chunk in the renewable and alternate energy space that is expected to grow significantly in near future. Fueled by the Indian government’s strategy to introduce pure electric mobility across the country by 2030, EVs are expected to grow significantly and there comes the demand for charging infrastructure.
Country’s largest oil marketer Indian Oil Corp. Ltd is planning to set up EV charging pods across the country at its conventional fuel stations. Bharat Petroleum Corp. Ltd or (BPCL) is also focusing on setting up roof mounted solar panels at its fuel stations. Hindustan Petroleum Corp. Ltd (HPCL) is also strengthening its presence in the natural gas and renewable energy sector.
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Indian oil Corp. Ltd is also planning to manufacture and sell lithium-ion batteries that will certainly enhance its business in the alternate energy market. It is clear that Indian Oil is aiming to become the major player in the sector by setting up the charging stations alongside battery manufacturing. However, the company is yet to make a final decision about building lithium-ion batteries for EVs.
BPCL expects around 5% of its total revenue will come from alternate energy sources by 2022. The company has already shortlisted 10 oil depots and bottling plants for installation of rooftop solar panels. These will reduce the consumption of conventional electricity significantly and ultimately result in reducing carbon emission as well.
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Speaking about HPCL, it currently operates windmills of 100.9MW capacity installed in Rajasthan and Maharashtra. The company aims to increase the number of windmills across the country in order to boost the usage of natural and alternate energy. Overall, it is clear that the major oil companies in the country are aiming to create new business opportunities by creating a sound ecosystem for the electric vehicles that are expected to grow in number in coming years.