* The companies intend to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles.
* They will also form a joint venture for large-scale integrated green hydrogen production in Spain, Portugal and the UK.
In a major announcement, global energy players - Iberdrola and bp - have revealed that they will form a strategic collaboration to help accelerate the energy transition. Together, the companies intend to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles. The two will also develop large scale green hydrogen production hubs in Spain, Portugal and the UK.
Ignacio Galan, Chairman, Iberdrola, stated, that the scale of the challenge requires alliances between Iberdrola and bp that have the technology and knowledge necessary to help accelerate Europe's industrial development and generate. He also said that well-being and new opportunities for all through clean energy.
Bernard Looney, CEO, bp, held, "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."
Accelerating EV fast charging
Iberdrola and bp plan to form a joint venture that may invest up to 1 billion to roll-out a network of up to 11,000 rapid and ultra-fast EV public charge points across Spain and Portugal that will accelerate electric mobility.
The official statement held that 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 the existing and future fast charging hubs of both bp and Iberdrola.
Iberdrola and bp are also looking at options to jointly serve EV customers in the UK. Iberdrola already has over 2,500 public charging points in Spain and Portugal. bp said it aims to rapidly expand its EV charge points globally and continues to invest in rapid and ultra-fast charging.
Integrated large-scale green hydrogen production
Iberdrola and bp also plan to form a joint venture for large-scale integrated green hydrogen production in Spain, Portugal and the UK as well as production of derivatives such as green ammonia, and methanol, that can be potentially exported into Nothern Europe.
Iberdrola has a track record in renewables development and its global customer base bp has experience in gas processing, trading and its global customer portfolio.
The companies aim to jointly develop advantaged hydrogen production hubs in Spain, Portugal and UK, with total capacity of up to 600ktpa, integrated with new renewable power.
The green hydrogen project at bp's Castellon refinery will be part of the agreement. Based on this collaboration in Spain, Portugal and UK, Iberdrola and bp intend to explore potential future opportunities for green hydrogen production in other geographies.
bp and Iberdrola aim to finalise both joint venture agreements by end 2022, subject to regulatory approvals.