Iberdrola and bp partner on charging and hydrogen
Iberdrola and bp are forming a strategic partnership to accelerate the energy transition. Together, they will expand fast EV charging infrastructure, and produce green hydrogen in Spain (pictured: Madrid), Portugal and the UK.
“We’re advancing the electrification of two key sectors of our economy, transport and industry. The scale of this challenge requires alliances between companies like ours, who have the necessary technology and knowledge,” says Ignacio Galán, Chairman of Iberdrola.
EV fast charging
Both companies will set up a joint venture that will invest up to €1 billion to roll out a network of 11,000 rapid and ultra-fast EV public charge points across Spain and Portugal. Specifically, the plan is to install and operate 5,000 fast charge points by 2025, and to add another 6,000 by 2030.
The total of 11,000 fast charging hubs will include both bp and Iberdrola’s already existing ones, as well as those yet to be built. Iberdrola already operates 2,500 public charging points in Spain and Portugal, while bp has a global network of 10,000 public charging points, mainly in the UK and Germany.
Both companies’ investment in rapid and ultra-fast charging will significantly increase access to EV charging for both consumers and fleet customers in Spain and Portugal, thus helping to speed up electrification of mobility. The companies are also looking at jointly serving customers in the UK with fast-charging options.
Both companies will also set up a joint venture for the large-scale, integrated production of green hydrogen in Spain, Portugal, and the UK, as well as of derivatives such as green ammonia and methanol. The aim is to develop a production capacity of up to 600 kilotonnes per annum (ktpa), and to explore opportunities in other markets.
“We have enormous respect for Iberdrola, who have been an early leader in the energy transition, and we’re very excited about what we can deliver together,” says Bernard Looney, CEO of bp.
150,000 charging points
Ibedrola is the leading power company in Spain, the third-largest in Portugal, and a world leader in renewable energy production. It has more than 11,5 million customers and supplies more than 90,000 GWh per year.
In Spain, the company leads the EV charging segment and aims to install 150,000 charging points in the next five years (providing at least one 350-KW charger every 200 km, one 150-KW charger every 100 km and one 50-KW charger every 50 km. Iberdrola also works with BNP to provide EVs to corporate fleets.
Energy company bp has the ambition to become a net-zero company by 2050 or sooner. The company expects 50% of its capital spending to be in non-hydrocarbon businesses by 2030, mainly in EV charging, hydrogen, bioenergy, renewables and convenience.