The firms plan to form a joint venture, which will invest €1bn to build a network of up to 11,000 rapid and ultra-fast EV public charge points across Spain, Portugal and the UK.
The move is aimed at accelerating energy transition by enabling consumers and fleets to access charging infrastructure.
As part of the plan, the energy firms aim to install and operate the initial 5,000 EV fast charge points by 2025 and the remaining by 2030.
Additionally, Iberdrola and bp are exploring opportunities to jointly serve EV customers in the UK.
Currently, Iberdrola operates more than 2,500 points in Spain and Portugal, while catering to the needs of the mobility market.
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bp, which operates a European network of over 10,000 charge points, mainly in the UK and Germany, aims to expand its EV charge point globally.
Iberdrola and bp will also form a JV for large-scale integrated green hydrogen production in Spain, Portugal and the UK.
This JV will also cover the production of derivatives such as green ammonia, and methanol.
bp CEO Bernard Looney said: “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.”
Iberdrola chairman Ignacio Galan said: “With this agreement, we continue advancing in the decarbonisation and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry.
“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.”
Earlier, the Volvo Group, Daimler Truck, and the Tratron Group launched a joint venture (JV) for charging infrastructure in Europe.