Total Group new shareholder PitPoint3-05-2017
Total Group is buying PitPoint shares from Bencis Capital Partners. The deal was signed today and the official transfer is expected to take place in late June. The acquisition will possibly speed up PitPoint’s mission to achieve clean and affordable transport.
PitPoint will remain an independent company and will continue to operate under the same name and management. The acquisition also won’t affect the customers or the employees, the conditions of their contracts will remain the same. “PitPoint has become a unique actor in the market of clean fuels in the last few years, with ambitious international plans for growth,” says Erik Kemink, CEO of PitPoint. “Ambitious plans ask for an ambitious shareholder who can support the plans and the international expansion. In Total Group we found a partner who can help us with that.”
PitPoint is continuously working on the expansion of the network of filling stations for private use, corporate use and public transport. Progress is made through innovation and investments in CNG/Biomethane, by opening new CNG, LNG and hydrogen stations, and by facilitating a network of electric charging stations. PitPoint enables people to drive and produce cleaner air at the same time. “Our goal is to realize 100 percent clean transport by 2030,” says Kemink. “Even across boundaries we want to play a major role.” Earlier this week PitPoint announced that it had signed a declaration of intent with Volkswagen Group and other peers, with which they commit to the further expansion of CNG mobility in Germany.
Strengthening market of CNG-/Biomethane
The acquisition is part of Total’s strategy to expand its low-carbon businesses, mainly by significantly strengthening its market position in the professional transport sector. Total plans to attain this position by expanding its network to 350 outlets in 2022. This makes Total market leader in the European market for natural gas for vehicles.
Patrick Pouyanné, Chairman and CEO of Total. “There is strong development potential for natural gas vehicle fuel in the transport sector. Our aim is to combine PitPoint’s technological and commercial expertise acquired over the last ten years with Total’s strong retail marketing network and client portfolio. PitPoint will thus be central to the Marketing & Services segment’s ambitions in the natural gas vehicle fuel sector in Europe, in line with the aim of offering customers clean energy solutions.”