French oil giant TotalEnergies, formerly known as Total, will acquire the electric vehicle (EV) charging network from electric car-sharing company BlueSG for an undisclosed sum.
TotalEnergies said in a press release that it had signed an agreement with French conglomerate Bollore Group, BlueSG’s parent company, to acquire Bluecharge, which it would manage and operate “with the approval of the relevant authorities.”
Bluecharge is currently Singapore’s largest electric vehicle charging network, with 1,500 charging points accounting for around 85 percent of the island’s charging points.
Following the acquisition, these charging points will be renamed TotalEnergies.
TotalEnergies is already installing and operating its electric vehicle charging points in several other cities, including Paris, Amsterdam, London and Brussels.
“TotalEnergies is pleased to enter the Singapore market to contribute to the development of cleaner and more reliable mobility solutions in the country,” added TotalEnergies President of Marketing and Services for Asia Pacific and Middle East.
This marks BlueSG’s second purchase this year
Image Credit: Edgar Su via Reuters
This announcement comes after local transportation and engineering company Goldbell Group announced that it will acquire BlueSG in early February this year.
The acquisition, which is expected to be completed before August 2021, will accelerate BlueSG’s development through its next phase of growth.
It will also further Goldbell’s commitment to fulfilling its vision of becoming a leader in the future mobility landscape for smart cities, according to the company.
BlueSG’s electric vehicle charging point network was subsequently switched to Bluecharge in May.
With the acquisition of BlueSG, Goldbell plans to expand its business and technical capabilities with investments of more than S $ 70 million over the next five years to help change the company.
According to the Accounting and Corporate Regulation Authority, BlueSG incurred net losses of S $ 3.4 million in 2017, S $ 7.3 million in 2018 and S $ 9.3 million in 2019.
Investments will include injecting new vehicles into the fleet, establishing an R&D center with a full BlueSG technology team, and developing new mobility algorithms, analytics and technologies.
Featured Image Credit: TotalEnergies / LTA