Energy, Automobile, EV, Renewable News | Iberdrola and bp in JV to accelerate EV charging infrastructure

Iberdrola and bp in JV to accelerate EV charging infrastructure

July 28, 2022

Iberdrola and bp today announced their intention to form a strategic collaboration aiming to help accelerate the energy transition. Together, the companies intend to collaborate to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles, as well as to develop large scale green hydrogen production hubs in Spain, Portugal and the UK.

The Chairman of Iberdrola, Ignacio Galán, has stated: “with this agreement, we continue advancing in the decarbonization and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry. The scale of this challenge requires alliances between companies such as Iberdrola and bp, which have the technology and knowledge necessary to help accelerate Europe’s industrial development and generate, at the same time, well-being and new opportunities for all through clean energy.”

Bernard Looney, CEO, bp: “Creating the lower carbon energy solutions that our customers want and need requires the integration of different technologies, capabilities and forms of energy. We can deliver this faster and at scale when we work in partnership with others. We have enormous respect for Iberdrola who have been an early leader in the energy transition – and are very excited about what we can deliver together.”

Accelerating EV fast charging

Iberdrola and bp plan to form a joint venture that intends to invest up to €1 billion to roll-out a network of up to 11,000 rapid and ultra-fast1 EV public charge points across Spain and Portugal, significantly expanding access to charging for consumer and fleet customers thus accelerating electric mobility.

The plan includes installing and operating an initial 5,000 fast charge points by 2025, and up to a total of 11,000 by 2030, including bp and Iberdrola’s existing and future fast charging hubs.

The companies are also looking at options to jointly serve EV customers in the UK.

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