Iberdrola and BP Pulse launch their fast and ultra-fast charging joint venture in Spain and Portugal

The new company plans to invest 1 billion euros to create the most extensive fast and ultra-fast public charging network in the Iberian Peninsula, with the aim of reaching 11,700 charging points by 2030. 

Iberdrola and BP Pulse announce the official launch of their joint venture which recently received the necessary regulatory approvals. The new company plans to create the most extensive high-speed public charging network on the Iberian Peninsula. In doing so, it aims to promote civic access to a reliable high-speed charging infrastructure and help remove one of the main barriers to electric vehicles taking off. 

The new company, formed by Iberdrola and BP pulse, plans to invest 1 billion euros to deploy 5,000 charging points by 2025 and 11,700 by 2030, all with 100% renewable energy (through guarantee of origin certificates). The joint venture starts with more than 300 operational fast (>50kW) and ultra-fast (>150kW) charging points for electric vehicles. 

With separate headquarters in Madrid and Porto, the new company will be led by Pablo Pirles from Iberdrola, who has been appointed CEO, and Elena Melia, from BP, as the future CFO.  

Iberdrola offers comprehensive mobility services to cover all the needs of electric vehicle users with an extensive charging infrastructure: residential, business and public charging, including solutions for urban and heavy transport. 

BP has a network of 1,300 service stations, many of which can be used as charging hubs for the new company in Spain and Portugal. This will allow electric vehicle drivers to charge at secure stations with access to additional convenience services. 

The joint venture represents a close collaboration between Iberdrola and BP pulse, leveraging their strengths and resources to deliver world-class public charging experiences to EV drivers in Spain and Portugal to help accelerate the transition to more sustainable transport. 

In this regard, the CEO of the new company, Pablo Pirles, comments that "through this alliance we seek to make ultra-fast public charging accessible to all citizens, as the high speed of our network allows us to obtain a range of up to 200 kilometres in just a few minutes of charging. Our objective is to promote the definitive take-off in the use of electric vehicles, and in addition we do so with 100% renewable energy (through guarantee of origin certificates), contributing to accelerating the energy transition". 

This operation joins others recently carried out by Iberdrola, such as the agreements signed with Mapfre, Norges Bank Investment Management, Masdar, GIC and Energy Infrastructure Partners. 

Electric vehicle charging is one of the main growth drivers behind BP's transformation into an integrated energy company. In addition to this alliance, BP is working with partners such as Uber, Hertz, Marks & Spencer, REWE, DiDi and Tesla. 

ABOUT THE JOINT VENTURE BETWEEN IBERDROLA AND BP PULSE 

The new company between Iberdrola and BP Pulse will be established in 2023 as a result of the strategic alliance between the two energy companies to lead the deployment of high-speed public charging infrastructure for electric vehicles in Spain and Portugal. With an investment of 1,000 million euros, the new company has set itself the goal of reaching 11,700 fast and ultra-fast charging points in operation by 2030, with which it plans to provide service to all electric vehicle drivers. The company thus seeks to democratise access to electric vehicles and encourage the transition to a more sustainable mobility model through the implementation and commissioning of an extensive charging network.