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00:00:00
>> Oil giant BP is taking a new direction, the electric car market. It's just bought Charge Master for $170 million US. They're the biggest producer of the charging devices for electric cars in Britain. BP is planning to deploy ultra fast charges to its 1,200 gas stations in that country.
00:00:21
And they say the devices can deliver 100 miles of range in just 10 minutes. This could be a huge change to any EV drivers, who are currently restricted to recharging at home or a thin network of street charging points. They'll kick this off in the UK before turning to the rapidly growing EV markets in China.
00:00:41
The company predicts that electric vehicles will jump from a count of 1 million in the world, as of two years ago, to 300 million by 2040. Rival fuel company, Royal Dutch Shell, is also betting big on electric. They built a charging company last year.