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Hertz, BP Team up on New Enterprise

Hertz (NASDAQ:HTZ) is teaming up with oil giant BP (NYSE:BP) to build a new network of electric vehicle charging stations throughout the United States.

The rental car giant — which in the last year has announced deals to purchase a total of up to 340,000 EVs from Tesla (NASDAQ:TSLA) , Polestar and General Motors (NYSE:GM) by 2027 — is working with a unit of BP to install thousands of new chargers at its U.S. locations.

Under the deal, BP Pulse, the oil company’s EV-charging arm, will install the chargers and provide software and services to help Hertz manage its fast-growing fleet of EVs.

While many of the chargers will be used to recharge EVs in Hertz’s own fleet, some will be made available to taxi and ride-hailing drivers and the general public, the companies said. Access to chargers is often cited as a potential roadblock to wider EV adoption by U.S. consumers.

The new deal builds on an existing program under which BP Pulse installed chargers at 25 of Hertz’s busiest airport locations. By the end of this year, the companies expect to have about 3,000 chargers in operation at Hertz sites across the U.S. They did not specify how many they plan to eventually build.

Hertz already has thousands of EVs available for rent at about 500 of its locations in 38 U.S. states. The company plans to have EVs make up a quarter of its fleet by the end of 2024.

Hertz shares took on 70 cents, or 4.5%. early Tuesday to $16.52, while those for BP increased 41 cents, or 1.4%, to $27.65.