Shell buys electric car charging company

Shell Charging Station

Shell is buying NewMotion, a Dutch company that is one of Europe's largest providers of electric vehicle charging services, the Financial Times reports. Shell plans to launch electric charging in the majority of its 45,000 global gas stations.

Why it matters: With the purchase, Shell is taking a bite out of the electric vehicle refueling market, which is growing quickly. "The move marks the most significant push yet by "Big Oil" into the [market]," per the Financial Times.