BP, Iberdrola Team Up For EV Charging, Green Hydrogen

U.K. oil and gas company?BP plc?(NYSE:BP) (London, England) and Spanish energy major?Iberdrola?(Bilbao) have teamed up to jointly develop green hydrogen projects and create an electric vehicle (EV) charging network across Spain and Portugal.

The companies are promising to invest up to one billion euro (US$1.02 billion) for both goals. The first stage of the EV network charging plan will see the installation and operation of an initial 5,000 fast charge points by 2025 and up to a total of 11,000 by 2030. Fast charging points encompass both rapid charging ≥50-kilowatt (kW) and ultra-fast charging ≥150 kW types. On the hydrogen front, the companies want to accelerate large-scale production of green hydrogen and are aiming for up to 600 kilo-tonnes per annum (ktpa) of production capacity, integrated with new renewable power.

"With this agreement, we continue advancing in decarbonization and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry," said the chairman of Iberdrola, Ignacio Galán. "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."

Bernard Looney, BP's chief executive officer, added: "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."

In Spain, Iberdrola leads the EV charging segment with roughly 2,000 rapid chargers operating or under installation and the aim of installing up to 150,000 charging points (across the service sector and home markets) within five years. Its stated aim is to provide national coverage with at least one 350-kW charger every 200 kilometers (km), a 150-kW charger every 100 km and one 50-kW charger every 50 km.

By 2030, BP expects around 50% of its capital spending to be in non-hydrocarbon businesses, mainly EV charging, hydrogen, bioenergy, renewables and convenience. In Portugal and Spain, it is the second- and third-largest player in the number of fuel and convenience forecourts. It has more established EV charging networks in the U.K. and Germany under the BP pulse and Aral Pulse brands. Today it has more than 13,000 charge points with the goal of boosting that to more than 100,000 by 2030.

Industrial Info is tracking BP's plan--with Iberdrola--to build a 60-megawatt (MW) hydrogen electrolyser powered by solar power and associated storage facilities at its Castellon refinery in the Valencia region of Spain. BP is also in the process of turning Castellon into an integrated energy hub through the promotion of green hydrogen and biofuels for the decarbonization of its operations but also decarbonization in the Valencia region. Castellon is the largest producer and consumer of hydrogen in Valencia. Green hydrogen would replace the gray hydrogen that the refinery uses in its biofuel production process. BP also has agreements with the Valencia regional government, the ceramic industry cluster, port of Valencia and AENA (airport operator), to help create an ecosystem to drive regional decarbonization.

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