The French oil giant TotalEnergies, previously known as Total, will acquire the charging network for electric vehicles (EV) from the local electric car sharing company BlueSG for an undisclosed amount.
TotalEnergies announced in a press release that it has signed an agreement with the French conglomerate Bollore Group – the parent company of BlueSG – to acquire Bluecharge, which will be managed and operated “after approval by the relevant authorities”.
Bluecharge is currently Singapore’s largest EV charging network with 1,500 charging points, which make up around 85 percent of the island’s charging points.
TotalEnergies is already installing and operating its charging stations for electric vehicles in several other cities, including Paris, Amsterdam, London and Brussels.
“TotalEnergies is excited to enter the Singapore market to help develop clean and reliable mobility solutions in the country,” added TotalEnergies ’President of Marketing and Services Asia Pacific and Middle East.
This announcement comes after the local transportation and engineering firm Goldbell Group announced in early February this year that it is acquiring BlueSG.
The acquisition, which is expected to be completed before August 2021, will accelerate BlueSG’s development in the next phase of growth.
It will also support Goldbell’s commitment to fulfill its vision in the future mobility landscape for To become a leader in smart cities, according to the company.
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 support the company’s turnaround.
According to the Accounting and Corporate Regulatory Authority, BlueSG recorded net losses of SGD 3.4 million in 2017, SGD 7.3 million in 2018 and SGD 9.3 million in 2019.
The investments include the introduction 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 mobility algorithms, analyzes and technologies.
Electric vehicles are an important pillar of content for Vulcan Post. The rest of our EV coverage can be found here.
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