Iberdrola and bp partnered to expedite sustainable mobility’s energy transition.
According to the press release, the corporations aim to invest €1 billion to install 11,700 fast, ultra-quick charging outlets throughout Spain and Portugal. This strategic collaboration is a step towards forming the joint venture, which is expected in the second half of 2023 after regulatory and competitive licences are achieved.
The joint venture will allow Iberdrola and bp to dramatically expand public fast-charging infrastructure for electric vehicles, accelerating electric vehicle adoption in Spain and Portugal.
This agreement requires 5,000 fast charging points by 2025 and 11,700 by 2030. bp and Iberdrola will donate their present and future fast charging points to this joint venture to accomplish this.
These companies are developing UK public and domestic charging options together. The Joint Venture will employ both firms’ strengths to address electric vehicle users’ needs.
Iberdrola leads the public charging infrastructure in Spain and Portugal with more than 3,500 terminal operations and others under development, using renewable energy to decarbonize transport and serving more than 100,000 consumers. In addition, it provides home, business, and public electric car recharging solutions for urban and heavy transit (electrification of buses and trucks).
Bp wants to expand its electric vehicle charging locations worldwide and invest in fast, ultra-fast charging infrastructure. Electric vehicle users can use bp’s 10,000-plus charging sites across the UK and Germany.
The new company will employ bp’s massive service station network to charge electric vehicles throughout Spain and Portugal.
“This strategic alliance enables progress to be made in the electrification of transport as a key element in reducing energy dependence on fossil fuels and increasing energy efficiency“, said Ignacio Galán, Iberdrola’s Executive Chairman