Transition Growth Engines
Transforming bp. Supporting the global energy transition.
Globally bp’s five transition growth engines – bioenergy, convenience, electric vehicle charging, hydrogen, and renewables and power – generated $1 billion EBITDA in 2023. We have a target to generate $3-4 billion EBITDA by 2025.
Our five transition growth engines
Bioenergy
After purchasing Archaea Energy for $4.1 billion in 2022, bp is now the largest producer of renewable natural gas (RNG) in the US. In 2023, bp’s global biogas supply volumes were up 80% year-on-year, reflecting the Archaea uplift. Biofuels production globally was up by 18%.
Convenience
bp’s US brands – including ARCO/ampm, Amoco, Thorntons and TravelCenters of America – serve more than three million customers daily at over 8,000 retail sites across the US.
Electric vehicle charging
We’re planning to invest $1 billion by 2030 to support the development of America’s EV charging infrastructure. bp’s EV charging arm, bp pulse, is committing to deploy around 3,000 fast and reliable charging points by 2025 at high-demand locations in the US.
Hydrogen
In October 2023, bp and the Midwest Alliance for Clean Hydrogen – the MachH2 coalition – announced their selection by the US Department of Energy for regional clean hydrogen hub funding. bp is looking to develop blue hydrogen production at or near bp’s Whiting, Indiana refinery.
Renewables & power
From carbon capture & storage, to solar to wind, we’re in action in the US – from the Northeast to the Southwest, from the Gulf Coast to the Great Lakes. Globally, bp had a 58.3GW renewables pipeline in 2023.
