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Shell fuels energy transition with roll out of EV charging stations

After recently divesting from wind and solar energy initiatives, Shell has plans to quadruple EV charging stations in the next several years. Photo via shell.com

As it downshifts sales of fuel for traditional vehicles, energy giant Shell is stepping up its commitment to public charging stations for electric vehicles.

In a new report on energy transition, Shell lays out an aggressive plan for growing its public network of charging stations for electric vehicles (EVs). The company plans to boost the global number of public EV charging stations from about 54,000 today to around 70,000 by 2025 and about 200,000 by 2030.

The projected growth from today to 2030 would represent a 270 percent increase in the number of Shell-operated EV charging stations.

“We have a major competitive advantage in terms of locations, as our global network of service stations is one of the largest in the world,” Shell says in the report.

Shell’s global network of service stations is shrinking, though. In the report, the company reveals plans to close a total of 1,000 gas stations in 2024 and 2025. Today, more than 45,000 Shell-branded gas stations are located in over 90 countries.

Aside from Shell gas stations, the company’s Shell Recharge business unit operates public EV charging stations along streets, at grocery stores, and at other locations in 33 countries.

Shell, whose U.S. headquarters is in Houston, is ramping up its EV charging network amid forecasts of slowing demand for oil and rising demand for EVs. Other than EV charging, Shell is focusing on biofuels and integrated power as components of its revamped product mix.

“Shell is well positioned to become a profitable leader in public charging for electric vehicles, meeting the growing demand from drivers who need to charge on the go,” the report says.

To accelerate its EV charging presence in the U.S., Shell in 2023 purchased Volta, a San Francisco-based operator of EV charging stations. Shell says it now operates one of the largest public EV charging networks in the U.S., with more than 3,000 charging points in 31 states and another 3,400 under development.

“The availability of charging points will be critical for the growth in electric vehicles,” the report says.

Last month, Shell divested from a solar energy subsidiary, before later announcing an exit from a wind energy joint venture.

"In-line with our Powering Progress strategy, Shell continues to hone our portfolio of renewable generation projects in key markets where we have an advantaged position," Glenn Wright, senior vice president at Shell Energy Americas, said in a news release at the time.

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A View From HETI

PitchBook attributes $634 million in fourth-quarter VC to Fervo. Photo via Getty Images

The venture capital haul for Houston-area startups jumped 23 percent from 2023 to 2024, according to the latest PitchBook-NVCA Venture Monitor.

The fundraising total for startups in the region climbed from $1.49 billion in 2023 to $1.83 billion in 2024, PitchBook-NVCA Venture Monitor data shows.

Roughly half of the 2024 sum, $914.3 million, came in the fourth quarter. By comparison, Houston-area startups collected $291.3 million in VC during the fourth quarter of 2023.

Among the Houston-area startups contributing to the impressive VC total in the fourth quarter of 2024 was geothermal energy startup Fervo Energy. PitchBook attributes $634 million in fourth-quarter VC to Fervo, with fulfillment services company Cart.com at $50 million, and chemical manufacturing platform Mstack and superconducting wire manufacturer MetOx International at $40 million each.

Across the country, VC deals total $209 billion in 2024, compared with $162.2 billion in 2023. Nearly half (46 percent) of all VC funding in North America last year went to AI startups, PitchBook says. PitchBook’s lead VC analyst for the U.S., Kyle Stanford, says that AI “continues to be the story of the market.”

PitchBook forecasts a “moderately positive” 2025 for venture capital in the U.S.

“That does not mean that challenges are gone. Flat and down rounds will likely continue at higher paces than the market is accustomed to. More companies will likely shut down or fall out of the venture funding cycle,” says PitchBook. “However, both of those expectations are holdovers from 2021.”

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This story originally appeared on our sister site, InnovationMap.com.

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