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Highlights
- BP Plc has invested €10 million in German-based digital payment start-up Ryd.
- The fresh funding from BP Plc will help Ryd expand its services to new markets and build out its product offerings.
- BP Plc currently offers a unique investment opportunity for investors as the company moves away from the oil and gas business and reinvent itself as an integrated energy company.
BP Plc (LON: BP.), one of the largest oil and gas companies globally, has invested €10 million in German-based digital payment start-up Ryd, which provides in-car digital payment services for drivers. BP plc has provided fresh funding to the company through its investment arm, BP Ventures.
Ryd- a digital payment provider
Ryd is a German-based digital payment provider for vehicle related services like fuel purchase, car washing, and electric charging. The payment service provided by the company is much faster, easier to use. The customers can access the service via app or integrate it with the car system. Ryd’s in-car digital payment service is already accepted across seven countries and serves close to 1.4 million customers. In addition, the company has access to 100 million more customers through its partnership with Mastercard and car manufactures. The fresh funding from BP plc will help Ryd expand its services to new markets.
Is it a good time to buy BP plc?
- BP Plc currently offers a unique investment opportunity for investors as the company moves away from the oil and gas business and reinvent itself as an integrated energy company. The company has been actively investing in new business ventures and start-ups. In June 2021, BP Plc invested USD 7 million in a smart EV charging company, IoTecha, through its investment arm, BP Ventures.
- The company has shifted its focus towards reducing carbon emissions and has set a deadline of 2030 to lower its carbon emissions by 30% to 40% from its oil and gas operations. Investment in the alternative energy business will help the company achieve its target and create alternative revenue
- BP Plc reported a significant recovery in profits during the first half of 2021. The company reported USD 7,783 million in profits compared to a loss of USD 21,213 million during the same period last year.
- As a result of record profits and turnaround in business, the company declared a dividend and announced share a buyback program of USD 1.4 billion.
BP Plc is undergoing a transformation and wants to build itself into an integrated energy company. Also, as the world shift towards environment friendly energy sources, the company looks to be in a great position to tap this opportunity.
(Image Source: Refinitiv)
BP Plc currently trades at GBX 296.80, down by 0.54% on 08 September 2021 at 10:15 am GMT+1 with a market cap of £59,997 million. In the last one year, the stock has given 11.25% return to shareholders.
