BP plc and Spain’s Iberdrola SA will jointly invest as much as 1 billion euros ($1 billion) in electric vehicle charging and pledged to work together on the development of green hydrogen production.
The energy companies are forming two joint ventures to accelerate emissions reduction in sectors beyond power production, according to a statement.
“With BP, we intend to help advance in the decarbonization and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry,” Ignacio Galan, chief executive officer of Iberdrola, said in a statement.
The move comes as soaring oil prices drive record profits in the oil industry. BP will report its earnings next week.
The companies aim to build a network of as many as 11,000 fast charging points for electric vehicles across Spain and Portugal. They are looking at a similar effort in the UK to install and operate 5,000 fast chargers by 2025 and expand the network to 11,000 by 2030.
Iberdrola and BP will also form a joint venture to produce hydrogen from renewable energy in Spain, Portugal and the UK. That effort will include production of derivatives such as green ammonia.
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