Innovation Fueled by: The Mobility Tech Innovation Collaborative
Industry Trend: Decarbonisation of the Energy Industry
Oil and gas companies are currently coming to terms with a new wave of disruption. Over the past decade, they have survived price spikes, changing consumer demands and sentiment, as well as dramatic technological advancements both within and outside the industry, particularly around the decarbonisation of the energy industry.
BP, one of the world's largest oil and gas companies, is facing a shift towards electric vehicles and away from traditional combustion vehicles that have traditionally fueled their business. As a result, BP needs to diversify their product offering for their customers.
Their aim is to move away from being a traditional fuel provider, by becoming a leading provider of integrated mobility solutions for a future world to provide services to their customers when and where they want them.
RocketSpace mapped the low carbon innovation landscape to identify the most appropriate electrification startups to help BP achieve its strategic goals.
Through the Mobility Tech Innovation Collaborative, RocketSpace guided BP to select and pilot test FreeWire Technologies' mobile fast-charging solution. FreeWire Technologies combines robotics and energy storage to create a network of mobile fast-charge electric vehicle chargers.
Results: BP + FreeWire Technologies
In January 2018, BP announced a $5 million investmentin FreeWire, helping it provide rapid charging at its retail sites in Britain and Europe, as demand for cleaner vehicles is expected to soar.
Using FreeWire’s mobile system, BP can respond very quickly and provide charging facilities at forecourts, wherever there is the greatest demand, without needing to make significant investments in today’s fixed technologies and infrastructure.
“I see RocketSpace as a win-win for everyone involved. For startups, it provides the opportunity to work with BP to test their products and services in our environment.
For BP, we get to experiment with new products and services that could help us transform mobility and ensure we are positioned to meet the needs of customers now and into the future.”Roy Williamson — Vice President of Advanced Mobility, BP
Corporate Innovation Services
FreeWire Technologies Investment Advances BP's Market Share of Rapid Charging Stations in Europe
"After meeting RocketSpace, [KIT] moved onto their campus and quickly refined our business model into a more fundable entity. As we gained traction, RocketSpace introduced us to investors who ultimately closed our seed round. This turned out to be the only round of funding needed before selling to Shopify."