Spanish utility Iberdrola SA (BME:IBE) and oil-and-gas major BP Plc (LON:BP) on Thursday announced that they will form two joint ventures (JVs) to promote green hydrogen production and the development of public charging stations for electric vehicles (EVs) in the Iberian Peninsula and the UK.
The green hydrogen JV would be dedicated to large-scale integrated production of hydrogen and its derivatives in Spain, Portugal and the UK. The proposed hubs would be integrated with new renewables and have a total capacity of up to 600 kilo-tonnes per annum (ktpa), according to the announcement.
The agreement would include the green hydrogen project that BP is working on at its refinery in Castellon, Spain, Iberdrola’s ongoing industrial hydrogen projects and new projects.
The collaboration in Spain, Portugal and the UK may serve as the springboard for potential green hydrogen projects in other parts of the world, the companies said.
The electric mobility JV would invest up to EUR 1 billion (USD 1.02bn) to install up to 11,000 rapid and ultra-fast public EV charging stations across Spain and Portugal. The partners are also looking at jointly serving the EV market in the UK, they said.
Iberdrola has over 2,500 charging points across Iberia, powered by renewable energy. BP, which operates charging points elsewhere in Europe, would contribute its 1,300 service stations in Spain and Portugal to be used as charging hubs for the JV.
Iberdrola and BP expect to close both JV agreements by the end of 2022, pending regulatory approval.
(EUR 1.0 = USD 1.02)
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