Royal Dutch Shell Plc said on Jan. 25 it was acquiring the owner of the U.K.'s largest public electric vehicle (EV) charging network, Ubitricity, for an undisclosed amount.

The deal for the company that has over 2,700 on-street charge points in the country is expected to be completed late this year.

Electric vehicle sales are set to continue to soar in 2021, industry analysts and car distributors have said, as more models are brought to the market and governments push for use of cleaner energy to achieve climate goals.

The European Commission has already outlined plans to further tighten car CO₂ limits as part of its proposal for a tougher 2030 EU climate goal.

"This acquisition marks Shell's expansion into the fast-growing on-street EV charging market and will provide critical competencies, helping Shell to scale its overall EV charging offer," Shell said in a statement.

The oil giant is aiming to become a net-zero emissions energy business by 2050 or sooner.