Spain-based clean energy firm Iberdrola [IBE:SM] and BP [BP/:LN] have announced the launch of a joint venture (JV) for building ultra-fast electric vehicle (EV) charging stations in Europe, as reported by Bloomberg on December 1. The JV plans to spend EUR1bn on the deployment of EV charging infrastructure, aiming to build 5,000 charging points in Spain and Portugal by 2025 and 11,700 by 2030. According to the two companies, these stations will be fully powered by renewable energy through the use of “guarantee of origin” certificates. Currently, BP has an extensive network of 1,300 service stations in Spain and Portugal, most of which can be used as charging hubs for the new venture.

The new JV seeks to make ultra-fast public charging accessible to all EV drivers in Spain and Portugal, in a move to accelerate the transition to more sustainable transportation. Pablo Pirles, the CEO of the JV, said its high-speed charging network can provide up to 200 kilometers of range within a few minutes of charging. The recent partnership built on a previous strategic collaboration between Iberdrola and BP on energy transition. In July 2022, the two companies announced a plan to build large-scale green hydrogen production hubs in Spain, Portugal, and the UK, aiming to facilitate the decarbonization of transport and industrial sectors. As part of Iberdrola’s commitment to advancing sustainable mobility, the firm also reached an agreement with Volvo Cars [VOLCARB:SS] in February 2022 to invest EUR150m in building public charging points in Spain, with the entire charging network powered by 100% green energy.

Sources:

https://www.bloomberg.com/news/articles/2023-12-01/bp-and-iberdrola-create-firm-to-invest-1-billion-in-ev-charging

https://www.iberdrola.com/press-room/news/detail/iberdrola-and-bp-pulse-launch-their-fast-and-ultrafast-charging-joint-venture-in-spain-and-portugal

https://www.bp.com/en/global/corporate/news-and-insights/press-releases/iberdrola-and-bp-to-collaborate-to-accelerate-ev-charging-infrastructure-and-green-hydrogen-production.html

https://latamobility.com/en/iberdrola-and-volvo-sign-agreement-to-roll-out-electric-vehicle-charging-points/