Electrive reports that this follows the companies' one billion euros investment, which began last year and includes advanced fast charging infrastructure in Spain and Portugal. There, EU officials believe that the EV market will grow significantly over the next three years.

The goals of Iberdrola and bp, which were set back in 2022, is to install 5.000 fast-charging points by 2025 and as many as 11.000 by 2030, including existing systems.

Iberdrola already operates 2.500 points in the region and company officials say that users can access over 100.000 chargers throughout Europe via its application.

On the other hand, bp offers access to 10.000 charging points, most of them located in the UK or Germany. The two companies also looked to join efforts on the hydrogen infrastructure, while also collaborating on the "large-scale integrated production of green hydrogen."

The production of emissions-green hydrogen could take place in the UK or in Spain and Portugal.