BP, Iberdrola to splash $1bn on Iberian EV charging network

BP has teamed up with Spanish renewables developer Iberdrola to invest up to €1bn ($1bn) in deploying 11,000 electric vehicle charging points across Spain and Portugal, the companies announced on July 28.

The pair have also committed to jointly develop up to 600,000 metric tons/year of green hydrogen production in Spain, Portugal and the UK, powered by new renewable plants.

“Creating the lower carbon energy solutions that our customers want and need requires the integration of different technologies, capabilities and forms of energy," BP CEO Bernard Looney said in a statement. "We can deliver this faster and at scale when we work in partnership with others. We have enormous respect for Iberdrola who have been an early leader in the energy transition - and are very excited about what we can deliver together.”