French oil giant TotalEnergies, which was previously known as Total, will be acquiring homegrown electric car-sharing firm BlueSG’s electric vehicle (EV) charging network for an undisclosed sum.
TotalEnergies said in a media 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 “upon approval of the relevant authorities”.
Bluecharge is currently Singapore’s largest EV charging network, with 1,500 charging points making up around 85 per cent of the island’s charging points.
Following the acquisition, these charging points will be rebranded to TotalEnergies.
TotalEnergies is already installing and operating its EV charge points in several other cities, including Paris, Amsterdam, London and Brussels.
“TotalEnergies is excited to enter the Singapore market to contribute towards the development of cleaner and reliable mobility solutions in the country,” added TotalEnergies’ Asia Pacific and Middle East president of marketing and services.
This marks BlueSG’s second buyover 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 network of EV charging points were subsequently rebranded to Bluecharge in May.
With the BlueSG acquisition, Goldbell plans to expand its business and technical capabilities with investments of more than S$70 million over the next five years to help turn the company around.
According to the Accounting and Corporate Regulatory 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.
The investments will include injecting new vehicles into the fleet, the establishment of an R&D centre with a full-fledged BlueSG technology team and the development of new mobility algorithms, analytics and technologies.
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Featured Image Credit: TotalEnergies / LTA