Australia fuel retailer Ampol has dumped its retail electricity businesses in Australia and New Zealand to focus on electric vehicle (EV) charging.
The company, which is mainly known for its fuel station business, is selling the Australian Ampol Energy retail business to AGL for a pittance, calling the sum “a nominal amount”.
The decision is based on lessons learned over the last four years about where Ampol can compete best in energy markets, the company said in a statement to the ASX this week.
“By focusing on its EV charging network rollout, Ampol can respond more rapidly to changes in the pace and shape of the mobility energy transition over time, while generating earnings improvements in both Australia and New Zealand,” the statement said.
The company tried out bundled electricity and home EV charger kits in 2022, after doing a deal with Hyundai. Now it will just focus on public, business and residential charging.
Full story Ampol dumps retail electricity businesses to focus on EV charging
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