Iberdrola and bp will set joint ventures to develop EV charging infrastructure and large-scale green hydrogen production in Europe, Kallanish learns from the companies on Thursday.

The strategic partnership will accelerate decarbonisation of transport and industrial sectors initially in Spain, Portugal and the UK. They expect to finalise both JV agreements by year-end, subject to regulatory approvals.

Up to €1 billion ($1.01 billion) will be invested in the roll-out of a network of around 11,000 rapid and ultra-fast EV public chargepoints in the Iberian Peninsula by 2030. This will start with 5,000 fast chargepoints by 2025. The target will include bp and Iberdrola’s existing and future fast charging hubs.

Some of bp’s 1,300 retail sites in Spain and Portugal will be used as locations for charging hubs under the JV. The partners are also looking at options to serve EV customers in the UK.

Under the proposed green hydrogen JV, up to 600,000 tonnes/year production capacity will be developed in the three countries. This will be integrated to new renewable power, and includes the green hydrogen project at bp’s Castellón refinery in Spain. In fact, other industrial hydrogen projects the companies are currently developing will also be part of the agreement, alongside new ones.

“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,” comments Iberdrola’s chairman Ignacio Galán.

bp’s ceo Bernard Looney notes that to create lower carbon energy solutions for bp’s customers 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,” he adds.