Shell is making a big push into electric vehicles

Thomson Reuters

LONDON (AP) — Oil company Shell has signed an agreement to buy electric vehicle charging firm NewMotion. It did not disclose terms.

The company, which will become a wholly owned subsidiary of Royal Dutch Shell, operates more than 30,000 private electric charge points for homes and businesses in the Netherlands, Germany, France and the U.K.

Shell's Vice President for New Fuels, Matthew Tipper, says Thursday that the deal will give customers "flexibility to charge their electric vehicles at home, work and on the go."

Shell has insisted it is planning for the day when demand for oil starts to fade. CEO Ben van Beurden has promised to look at "very aggressive scenarios" to remain competitive in a world that gets more of its energy from renewable sources and less from crude oil.