Yahoo Finance TotalEnergies (TOT) to Expand EV Charging Setup in Europe
TotalEnergies TOT has received a contract from the municipality of Amsterdam to install 2,200 new electric vehicle ("EV") charging points in the city by fall of 2022. Per the contract, the company will install 1,100 chargers, each equipped with two charging points. The new EV charging points will assist the Municipality of Amsterdam, which aims to realize completely emission-free transport by 2030.
This new assignment will further expand TotalEnergies’ EV charging business in Amsterdam. The company already has EV charging operation in the Metropolitan Region of Amsterdam, which includes the three provinces of Noord-Holland, Flevoland and Utrecht, with more than 6,500 charging points in operation and accessible to the public.
The launch of EVs globally and rising awareness against the emission caused by transportation will support the usage of EVs. Per International Energy Agency, total EV count on a global scale can increase to 145 million vehicles by 2030 from 11 million in 2020, indicating an average annual increase of nearly 30%.
The expected increase in EV usage across the globe will enable TotalEnergies to easily meet its electric vehicle charge points goal set for 2025. Given the increasing adoption of EVs across the globe, the company might revise its target in the near future to capitalize on the EV market expansion.
TotalEnergies’ Electric Mobility Goal
TotalEnergies already has electric charging point networks in the Metropolitan Region Amsterdam and the Brussels-Capital Region. In addition, the company has acquired the electric charging network in London, further expanding footprint in electric mobility in Europe. TotalEnergies has plans to install more than 150,000 electric vehicle charge points by 2025. The new contract from Amsterdam will assist the company to meet long-term goal.
Clean Energy in Focus
TotalEnergies is gradually building the clean electricity generation portfolio. The acquisition of SunPower Corporation SPWR has been enabling the company to expand solar operations since 2011. It now plans to scale up renewable generation capacity to 25 GW by 2025. TOTAL also targets to generate 40% of revenues in 2050 from low-carbon electricity sales.
Increasing usage of clean renewable energy creates ample opportunity for growth. Given the possibility of increasing the usage of renewable energy, oil and gas companies like Chevron Corporation CVX and Royal Dutch Shell Plc RDS.A, among others, are also investing heavily in the renewable energy space.
Price Performance
In the past month, TotalEnergies’ shares have outperformed the industry.
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Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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