THE head of Maxol said the Irish-owned fuel forecourt group is reassessing the development of its charging network due to the slow uptake of electric vehicles (EV) in the north.
The all-island retail group launched its first ultra-rapid charging hub in Kinnegar, Co Down in 2022, with a second hub opened in Ballymena last year.
Maxol’s first ultra-fast hub opened in Newbridge, Co Kildare, earlier this year.
But chief executive Brian Donaldson said the slow uptake in EV adoption in Northern Ireland could impact the speed at which the business will develop the network in the future.
“Sales of electric vehicles in Northern Ireland have been growing, but we are monitoring sales closely as the move to EVs is lower than in other parts of the UK and Ireland,” he said.
The Maxol boss also said the north’s power grid and planning system pose “significant challenges” for investing in EV networks.
“Planning delays and access to power capacity have been issues from day one, but now we are also concerned about developing our charging network too quickly, when the demand isn’t there.
“EV technology is evolving continuously, so we have to manage the pace of our own development to safeguard against becoming outdated too soon.
“The market is experiencing a chicken and egg conundrum and all stakeholders, particularly government, need to revisit ways in which drivers can be better incentivised to make the switch to electric.”
He said Maxol will proceed with a new ultra-fast hub in Rathnew, Co Wicklow, with a number of other sites under consideration.
The comments came as Maxol announced group turnover fell by £99m (12.5%) to £625m in 2023, largely due to the falling price of fuel.
The group’s pre-tax profit dropped by £8.5m (27%) to £22.7m.
Brian Donaldson said 40% of Maxol’s gross profit now comes from non-fuel sales, as the group increasingly leans into convenience retail.
The group expects to hit 4.3 million coffee sales across the island in 2024.
