Australian electric and gas company, AGL Energy (OTC:AGLXY) announced Thursday, in a bid to switch towards green energy, that it had signed a three-year deal with energy giant BP (NYSE:BP) with a goal of providing easier access to electric vehicle charging points for users in New South Wales.
As part of the agreement, the company and BP Pulse, the electric vehicle charging division of the London-based organization, will provide customers in New South Wales with preferential charging prices and access to high-speed chargers when they enroll in AGL's established 'Electric Vehicle at-home program.'
AGL released a statement that the partnership with BP Pulse to develop products and services for accessible charging points would help to reduce range anxiety, which is a common fear among EV drivers.
BP said the agreement is in line with its strategy to roll out its network of 600 BP Pulse EV charging points across Australia by 2025.
"As we transition to a low-carbon future, this agreement will empower our customers with innovative, sustainable and cost-effective EV charging solutions," AGL Chief Customer Officer Jo Egan said.
"I think the partnership could be good for AGL by promoting its EV program but I think the financial impact will really only be felt at the margins," Morgans Financial equity research analyst Max Vickerson said.
Shares of BP are up 0.61% in morning trading on Thursday.