EG Group announced Monday that the British gas station operator will acquire Tesla (NASDAQ:TSLA) ultra-fast charging units in a move aimed at enhancing electric vehicle charging throughout Europe, and aligning with Tesla's efforts to broaden its charging business.
EG Group, under the ownership of the billionaire Issa brothers, who also control the UK supermarket chain Asda, plans to significantly grow its charging network. The expansion will see the deployment of over 20,000 EV chargers at its existing sites, a substantial increase from the current 600 units in operation.
According to EG Group, the first set of chargers in scheduled to be installed by the end of this year. However, specific details regarding the overall cost and timeline for the entire acquisition were not disclosed.
The Tesla chargers integrated into EG Group's network will operate as an "open network," offering accessibility to all electric vehicle (EV) drivers, regardless of vehicle brand. A move that aligns with the goal of fostering inclusivity and convenience within the EV charging infrastructure.
"The rapid installation of reliable, easy-to-use EV charging infrastructure is the right step towards a sustainable future," said Rebecca Tinucci, Tesla's senior director of charging infrastructure.
Shares of TSLA are up 0.74% in pre-market trading on Monday.