Tech

Iberdrola and bp to Cooperate to Expedite Development of EV Charging Infrastructure and Production of Green Hydrogen

Published on: 28 July 2022 12:15 PM
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Iberdrola and bp plan to enter into a strategic collaboration agreement to help decarbonise the transportation and industrial sectors.The companies plan to jointly invest up to €1 billion in the deployment of up to 11,000 fast charging stations across Spain and Portugal, significantly expanding the charging infrastructure to support the rise of electric vehicles. They also plan to jointly develop, in Spain, Portugal, and the United Kingdom, large-scale production of green hydrogen, open to other geographies, aiming for up to 600 ktpa of production capacity and incorporating new renewable energy.

Iberdrola, the world's third-largest power company and a major renewables developer, and BP, the world's sixth-largest oil company, plan to construct "advantaged hydrogen production hubs... integrated with renewable power" in the three countries, with a combined capacity of up to 600,000 tonnes per year. 

The two companies said in a statement that "this strategic collaboration will combine Iberdrola’s world-class track record in renewable energy development and its global customer base with BP’s experience in gas processing, trading and its global customer portfolio." 

The previously announced deal between BP, Iberdrola, and Enagás to construct a 20MW green hydrogen plant at the BP refinery in Castellón will now be carried out by the unidentified joint venture.

The new JV will work on all green hydrogen initiatives now being pursued separately by Iberdrola and BP.

Simultaneously, the two companies established a separate joint venture to create up to 11,000 rapid charging stations for electric vehicles in Spain and Portugal, with a total investment of up to €1 billion ($1.02 billion). This business would also explore EV charging options in the United Kingdom.

Iberdrola CEO Ignacio Galán said: 

"With this agreement, we continue advancing in the decarbonisation 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, said: 

“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.” 

Source: bp

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