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Are cars electric? OVO Energy introduces new tariff aimed at electric vehicle drivers

OVO Energy will become the exclusive energy supplier to Chargemaster and its POLAR network, supplying renewable electricity to its public charge points

Electric car charging points
Electric vehicles ... our milkman would not drive anything else

In another example of the growing popularity of electric cars, energy provider Ovo Energy has launched a new tariff aimed at drivers of electric vehicles.

Following the UK government’s proposal to ban the sale of new diesel and petrol-fuelled cars from 2040, Ovo has grabbed itself some publicity with the launch of a two-year fixed energy rate deal that also includes free membership of the POLAR network of charging stations for the duration of the contract.

The POLAR network has more than 5,000 electric vehicle charging points and is the largest network of its kind in the UK.

OVO Energy will become the exclusive energy supplier to Chargemaster and its POLAR network, supplying renewable electricity to its public charge points.

OVO Energy will begin to introduce its proprietary VNet technology across the network, unlocking smart charging capabilities on a national scale, “ultimately enabling OVO Energy customers’ electric vehicles to function as mobile batteries at home and on-the-go, balancing renewable energy on the grid and allowing drivers to sell back unused energy”, OVO said.

“Mass adoption of electric vehicles will completely revolutionise the energy sector as the number of cars on UK roads reach one million in the next five years,” declared Stephen Fitzpatrick, the chief executive officer of OVO.

There have been numerous indications in recent weeks of the growing popularity of electric vehicles – our milkman swears by them – including engineer GKN’s move to invest in electric vehicle technology and BMW’s decision to manufacturer an all-electric version of the Mini at its Oxford plant while Volvo will produce only fully-electric or hybrid vehicles from 2019.

Electric vehicles are expected to represent 40% of sales within 20 years. Lithium, graphite and cobalt are seen as essential components in the batteries that will not only power electric cars but also store electricity from renewable energy sources, and shares in miners and explorers focused on these minerals have been going well of late.

Indeed, Cadence Minerals (LON:KDNC), which has stakes in a number of lithium and cobalt deposits globally, was up almost 5% today in the first hour of trading.

Meanwhile, across the pond, Tesla Inc (NASDAQ:TSLA) continues to hog the headlines with the release of its Model 3 electric car, the first model in its range aimed at the mid-market segment.

The cheapest version of the Model 3 retails at US$35,000, though it is common for electric cars to be leased rather than purchased, as the technology is advancing so rapidly that drivers are reluctant to be saddled with something that would become the equivalent of a pony & trap within two years.

Tesla said a right-hand drive version of the Model 3 would go on sale next year.

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Price: 6.25 GBX

AIM:KDNC
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Market Cap: £6.59 m
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