Iberdrola and bp are set to form a new partnership, targeting electric vehicle (EV) charging and green hydrogen, as they strive to accelerate the energy transition.
On 28 July, the pair announced their intention to form a strategic collaboration, centred around significantly expanding fast EV public charging infrastructure, supporting the adoption of EVs, and developing large-scale green hydrogen production hubs in Spain, Portugal and the UK.
On the hydrogen side, the companies are planning on forming a joint venture for large-scale integrated green hydrogen production, as well as the production of its derivatives that could then be potentially exported into Northern Europe. This includes green ammonia and methanol. The overriding ambition is for the hubs to have a total capacity of up to 600ktpa, integrated with new renewable power.
By the end of 2022, bp and Iberdrola are aiming to have joint venture agreements finalised – subject to regulatory approvals.