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Iberdrola and bp annouce strategic collaboration plans

Iberdrola and bp annouce strategic collaboration plans
Iberdrola Group (Iberdrola) and bp plc intend to form a strategic collaboration to help accelerate the energy transition in mobility and industry in Spain, Portugal, and the UK (photo courtesy Iberdrola).

Spain-headed renewable power major Iberdrola Group (Iberdrola) and UK-headed global oil, gas, and energy major bp plc have announced their intention to form a strategic collaboration aiming to help accelerate the energy transition.

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Together, the companies intend to collaborate to significantly expand fast electric vehicle (EV) public charging infrastructure to support the adoption of electric vehicles, as well as to develop large-scale green hydrogen production hubs in Spain, Portugal, and the UK.

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 said Ignacio Galán, Chairman of Iberdrola.

Accelerating EV fast charging

Iberdrola and bp plan to form a joint venture that intends to invest up to EUR 1 billion to roll out a network of up to 11 000 rapid and ultra-fast EV public charge points across Spain and Portugal, significantly expanding access to charging for consumer and fleet customers thus accelerating electric mobility.

The plan includes installing and operating an initial 5 000 fast charge points by 2025, and up to a total of 11 000 by 2030, including bp and Iberdrola’s existing and future fast charging hubs.

Iberdrola leads the public charging infrastructure in Spain and Portugal with more than 2 500 points in operation and others under development, with renewable energy to decarbonize transport end-to-end.

bp aims to rapidly expand its EV charge points globally and continues to invest in rapid and ultra-fast charging. Customers already have access to its European network of over 10 000 charge points, mainly in UK and Germany.

bp expects to use some of its extensive and conveniently located network of 1,300 retail sites in Spain and Portugal as locations for charging hubs for the joint venture. EV drivers would be able to charge in safe locations with access to additional convenience services.

The companies are also looking at options to jointly serve EV customers in the UK.

Integrated large-scale green hydrogen production

The companies also plan to form a joint venture for large-scale integrated green hydrogen production in Spain, Portugal, and the UK as well as production of derivatives such as green ammonia, and methanol, that can be potentially exported into Northern Europe.

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, Ignacio Galán said.

This strategic collaboration will combine Iberdrola’s world-class track record in renewables development and its global customer base, with bp’s experience in gas processing, trading, and its global customer portfolio.

The companies aim to jointly develop advantaged hydrogen production hubs in Spain, Portugal, and the UK, with a total capacity of up to 600 000 tonnes per annum integrated with new renewable power.

The green hydrogen project at bp’s Castellón refinery will be part of the agreement.

The two companies, together with the Instituto Tecnológico de la Energía, have submitted the Castellón project to the Spanish government’s hydrogen value chain PERTE call.

Likewise, Iberdrola and bp’s industrial hydrogen projects under development, as well as new projects, will be part of the agreement.

Based on this collaboration in Spain, Portugal, and the UK, Iberdrola and bp intend to explore potential future opportunities for green hydrogen production in other geographies.

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 has been an early leader in the energy transition – and are very excited about what we can deliver together, commented Bernard Looney, CEO, bp.

bp and Iberdrola aim to finalize both joint venture agreements by the end of 2022, subject to regulatory approvals.

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