Zinger Key Points
- BP partners with Audi to develop sustainable fuel and lubricants for F1, aiming for a 65% reduction in greenhouse gas emissions by 2026.
- BP expands global EV charging network through a new deal with Simon Property Group.
BP p.l.c. BP shares are trading lower today. The company disclosed that it is forming a strategic partnership with Audi in Formula 1.
The deal aligns the companies’ technical expertise and innovation drive to influence the future of motorsport as Audi prepares to enter F1 in 2026 under new FIA regulations emphasizing enhanced electrification and sustainable fuels.
In their new partnership, BP and its Castrol lubricants division are teaming up with Audi to enhance performance in Formula 1.
The partnership involves developing Advanced Sustainable fuel, as mandated by the FIA F1 Technical Regulations starting in 2026.
To comply with regulations, this fuel must achieve a minimum 65% reduction in greenhouse gas emissions compared to fossil-derived petrol.
As per the deal, BP will supply Audi with customized Castrol lubricants like Castrol EDGE for the V6 turbo engine, and provide EV fluids from the Castrol ON range for the electrical components of the Audi F1 Power Unit.
Also Read: BP’s Q2 Estimates Downgraded, But This Analyst Anticipates 10% Dividend Hike And Continued Buybacks
Nicola Buck, SVP marketing, BP, commented, “We are already making great progress with the Audi F1 Project on the development of the bp fuel and Castrol lubricants as we seek to innovate and unlock maximum engine performance for the Audi F1 Power Unit from 2026.”
Adam Baker, CEO Audi Formula Racing GmbH, added, “This partnership is of great importance to us. There will be strong competition in the field of sustainable fuels in Formula 1 from 2026. In view of the high performance potential, it was important for us to start our fuel testing at the end of 2022 with bp as our partner.”
Last week, BP announced an expansion of its global EV charging business, bp pulse.
Investors can gain exposure to the stock via Direxion Hydrogen ETF (ARCA: HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX).
Price Action: BP shares are down 0.74% at $34.93 premarket at the last check Monday.
Image: Shutterstock/ Michael Cola
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