Iberdrola and bp announced a new strategic partnership to accelerate the energy transition. As part of their collaboration, the companies plan to significantly expand fast EV public charging infrastructure and develop large scale green hydrogen production hubs in Spain, Portugal, and the UK.

The chairman of Iberdrola, Ignacio Galán, 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.”

For his part, Bernard Looney, CEO, bp, commented: “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.”

A joint venture between Iberdrola and BP intends to invest up to €1 billion to install 11,000 rapid and ultra-fast electric vehicle charging points across Spain and Portugal, significantly expanding access to charging facilities for consumers and fleet operators.

A joint venture is also planned for large-scale integrated green hydrogen production in Spain, Portugal and the UK, as well as derivatives such as green ammonia and methanol that can be exported into Northern Europe.