British energy major bp nearly tripled its Q2 profits to $9.25 billion, as it claims to be delivering performance whilst undergoing a transformation towards cleaner energy.

The better-than-expected results come as countries around the globe struggle with high fossil fuel prices, often described as an energy crisis. Yet, bp says it’s making progress in order areas and expects its EV charging business to deliver around $2 billion in earnings before interest, taxes, depreciation and amortization (Ebitda) by 2030.

The company increased its charging points by 45% on-year during the first half of 2022 to 16,000 units, of which roughly half are rapid and ultra-fast chargers. This is in line with its previously announced target to grow its global EV charging network by 50% in 2025.

By then, bp should be operating 40,000 charging points, before it increases the network to 100,000 chargers in 2030. The latter target should equate to around 10 gigawatts of installed charging capacity, of mainly (90%) rapid and ultra-fast chargers.

In terms of hydrogen, bp explains its strategy starts with decarbonising its own refining demand, before building global scale capacity of over 1 million tonnes/year. Once that’s achieved, the company plans to start capturing customer demand with 2.5m t/y of capacity already identified.

Recently, it confirmed plans to develop the AREH project in Western Australia, which targets production of 1.6m t/y of green hydrogen or 9m t/y of green ammonia.

bp’s earnings reports do not yet disclose financial information on its EV charging and hydrogen businesses, Kallanish notes.