French oil giant TotalEnergies, formerly known as Total, will acquire BlueSG’s electric vehicle charging (EV) network from its own electric car-sharing company for an undisclosed amount.
TotalEnergies said in a statement that it had signed an agreement with French conglomerate Bollore Group, BlueSG’s parent company, to acquire Bluecharge, which would manage and operate “with the prior approval of the competent authorities”.
Bluecharge is currently Singapore’s largest EV recharging network, with 1,500 recharging points representing around 85% of the island’s recharging points.
Following the acquisition, these recharging points will be changed to TotalEnergies.
TotalEnergies is already installing and operating its EV charging points in several other cities, including Paris, Amsterdam, London and Brussels.
“TotalEnergies is delighted to enter the Singapore market to contribute to the development of cleaner and more reliable mobility solutions in the country,” added the president of marketing and services for TotalEnergies, Asia Pacific and Middle East.
This is the second purchase of BlueSG this year
The acquisition, which is expected to be completed before August 2021, will accelerate the development of BlueSG during its next growth phase.
It will also foster Goldbell’s commitment to fulfilling its vision of becoming a leader in the future mobility landscape of smart cities, according to the company.
BlueSG’s EV charging point network switched brands to Bluecharge in May.
With the acquisition of BlueSG, Goldbell plans to expand its technical and business capabilities with investments of more than US $ 70 million over the next five years to help change the company.
According to the accounting and corporate regulatory authority, BlueSG suffered net losses of $ 3.4 million in 2017, $ 7.3 million in 2018 and $ 9.3 million in 2019.
Investments will include the injection of new vehicles into the fleet, the establishment of an R&D center with a full-fledged BlueSG technology team, and the development of new algorithms, analytics, and mobility technologies.
Featured Image Credit: TotalEnergies / LTA