Iberdrola and BP have signed a strategic alliance on Thursday under which they will invest 1 billion euros in the deployment of a network of 11,700 fast and ultra-fast electric vehicle charging points in Spain and Portugal, the two companies announced yesterday in a joint statement.
Specifically, the agreement envisages the installation and operation of 5,000 fast charging points in 2025, reaching nearly 12,000 points by 2030. To achieve this goal, the two companies will contribute their current and future fast charging points.
The signing of this alliance represents “a step forward” in the future joint venture that both companies announced their intention to form and which, once the necessary regulatory and competition approvals have been obtained, is expected to be formed in the second half of this year.
Once approved, Iberdrola and BP will “significantly” expand the fast public charging infrastructure for electric vehicles to accelerate the penetration of electric vehicles in Spain and Portugal, according to the Spanish company.
“This strategic alliance enables progress in the electrification of transport as a key element to reduce energy dependence on fossil fuels and increase energy efficiency. Iberdrola and BP contribute with this agreement to accelerate the deployment of electric vehicles and generate industrial development in Spain,” said Iberdrola Chairman Ignacio Sánchez Galán.
The two companies are also working together to develop joint solutions for public and domestic charging in the UK.
Iberdrola has a public charging infrastructure in Spain and Portugal with more than 3,500 operational charging points and others under development, which use renewable energy to achieve the decarbonisation of transport, serving more than 100,000 users.
For its part, BP’s objective is to rapidly expand its electric vehicle charging points worldwide and continue to invest in fast and ultra-fast charging infrastructure. BP’s European network has more than 10,000 charging points, mainly in the UK and Germany.
This alliance will enable part of BP’s network of service stations to be used as electric vehicle charging hubs in Spain and Portugal. “In this way, drivers of electric vehicles will be able to charge at safe service stations, with access to additional convenience services,” the two companies said.