Spanish energy giant Iberdrola and British oil & gas super-major bp have announced plans to form a joint venture backed by investment of €1 billion to deploy a network of 11,700 fast and ultra-fast charging points in Spain and Portugal.
The two companies originally announced the plans to form a joint venture in July 2022, and the final agreement has set a target of 5,000 fast charging points by 2025, ramping up to nearly 11,700 points by the end of the decade. Both BP and Iberdrola will contribute their existing and future fast charging points to this joint venture.
With the JV’s plans set to focus on Spain and Portugal, the two companies acknowledged that they continued to collaborate on developing “joint solutions for public and domestic charging in the UK.”
The JV will be using part of BP’s extensive network of service stations in Spain and Portugal as locations for EV fast charger deployment.
“By pooling our resources and expertise, we can deploy lower-carbon mobility solutions at scale for our customers,” said Bernard Looney, CEO of BP.
“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, chairman of Iberdrola.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.