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Monday, May 29, 2023

Shell Acquires West Hollywood Electric Vehicle Charging Outfit

Royal Dutch Shell PLC’s Shell New Energies division has acquired West Hollywood-based Zeco Systems Pte Ltd., doing business as Greenlots, for an undisclosed sum.

Greenlots, operating in West Hollywood, developed a network of charging infrastructure for electric cars that includes a mobile app for drivers to pinpoint nearby charging ports and monitor energy usage.

“As power and mobility converge, there will be a seismic shift in how people and goods are transported, (and) electrification will enable a more connected, autonomous and personalized experience. Our technology, backed by the resources, scale and reach of Shell, will accelerate this transition to a future mobility ecosystem that is safer, cleaner and more accessible,” said Chief Executive Brett Hauser.

Greenlots was established in 2008. Prior to the acquisition, Greenlots raised roughly $15 million. It counts New York-based Energy Impact Partners, Asia Cleantech Capital, SBI Ven Capital, and Adrian Koch among its financial backers.

“We expect to invest on average $1 (billion) to $2 billion annually until 2020 as part of Shell’s new energies business, (and) this investment is a small part of that $1 (billion) to $2 billion,” a Shell spokesman said in a statement. “Investments will only be made on projects that are a strategic fit and are commercially viable, and the acquisition of Greenlots is part of this spend.”

Shell New Energies was established as a division of Royal Dutch Shell in 2016, and invests capital and research in advancements of renewable fuels and new fuels for transport.

“As our customers’ needs evolve, we will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive,” Shell New Energies Executive Vice President Mark Gainsborough said. “This latest investment in meeting the low-carbon energy needs of US drivers today is part of our wider efforts to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.”

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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