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    IN BRIEF: BP and Iberdrola plan to invest EUR1 billion in EV charging


    July 28, 2022 - By Abby Amoakuh; abbyamoakuh@alliancenews.com

     

      BP PLC - London-headquartered oil major - Intends to form a strategic collaboration agreement with Bilbao, Spain-based electric utility company Iberdrola SA. Plans invest up to EUR1 billion together with Iberdrola into deploying up to 11,000 fast electric vehicle charge points across Spain and Portugal. Aims to install an initial 5,000 fast charge points by 2025, and up to a total of 11,000 by 2030.

      Plans to form a joint venture with Iberdrola for large-scale integrated green hydrogen production in Spain, Portugal and the UK. Production could also include derivatives such as green ammonia, and methanol, that can be potentially exported into Nothern Europe. The hydrogen production hubs are supposed to have a total capacity of up to 600-kilo tonnes per annum, integrated with new renewable power.

      BP current stock price: 391.65 pence

      12-month change: up 34%

      Iberdrola current stock price: EUR10.15

      12-month change: down 1.5%

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