Iberdrola and British oil company BP have formed a strategic alliance to work together to promote fast public electric vehicle charging infrastructure that will accelerate the uptake of electric vehicles. In addition, both companies aim to develop large-scale green hydrogen production centers Spain, Portugal and the United Kingdom.
Specifically, Iberdrola and BP are planning to set up one joint venture with an investment plan of up to 1,000 million euros, with the aim of building a network of 11,000 fast and ultra-fast public charging points in high-demand locations in Spain and Portugal. In doing so, they will significantly expand access to charging for both passenger cars and fleets of heavy vehicles and vans, thereby accelerating electromobility, according to the energy company.
The plan provides for installation and operation 5,000 fast charging points in 2025 and to reach the target of 11,000 by 2030. To achieve this, both groups propose to include their current and future fast charging stations in this joint venture. In addition, the two companies are working together to develop joint solutions for public and domestic charging in the UK.
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Iberdrola has more than 2,500 operating points in Spain and Portugal and many more under development. For its part, BP’s goal is to rapidly expand its electric vehicle charging points worldwide and continue to invest in fast and ultra-fast charging infrastructure. EV drivers can now access BP’s European network with more than 10,000 charging points, mainly in the UK and Germany.
The British company plans to use part of its extensive network of 1,300 filling stations, such as hubs charging the joint venture in Spain and Portugal. Drivers of electric vehicles can thus charge at safe stations and have access to additional convenience services.
With green hydrogen, the two companies want a joint venture for large-scale integrated production of green hydrogen in Spain, Portugal and the UK, and production of its derivatives such as green ammonia and methanol with potential for export to Northern Europe.
Production centers for hydrogen
This strategic collaboration will combine Iberdrola’s world-renowned experience as a leader in renewable energy development and its global customer base with BP’s experience in gas and process systems, marketing and its global customer base.
The companies aim to jointly develop hydrogen production centers in Spain, Portugal and Great Britain, with a capacity of up to 600,000 tons per year, Integration of new capacities in renewable energies.
BP’s Castellón refinery green hydrogen project will be part of the deal. The two companies, together with the Technological Institute of Energy, presented the Castellón project in the Spanish government’s Perte hydrogen value chain tender.
Likewise, industrial projects under development by Iberdrola and BP as well as new projects will be part of the agreement. Based on this collaboration in Spain, Portugal and the UK, the two groups intend to explore potential future opportunities for green hydrogen production in other regions.
Iberdrola and BP plan to complete the formation of both joint venture later this year, subject to required regulatory approvals.
The President of Iberdrola, Ignacio Sánchez Galán, stated that the group will continue with this agreement “Progress in decarbonization and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry.”
develop energy solutions
The energy group’s board stressed that the scale of this challenge requires “alliances between companies like Iberdrola and BP that have the necessary technology and knowledge to accelerate industrial development in Europe, while creating prosperity and new opportunities for all through.” clean energy”.
For his part, the CEO of BP, Bernard Looney, articulated this alliance with Iberdrola in the strategy of promoting the development of low-emission energy solutions, a goal that “can be achieved more quickly and at scale by working with Iberdrola others” .
“We hope that the strategic agreement with Iberdrola will be a clear example of this: from the Renewable energies to large engineering projectsFrom the customer to digitization, we have the necessary complementary skills and experience. Together we can offer innovative solutions that respond to the challenge of large-scale decarbonization to accelerate the energy transition,” he added.