Spanish utility company Iberdrola and BP pulse have revealed plans of their new joint venture (JV) to invest €1bn in a move to set up an extensive high speed public charging network in Iberia.

BP pulse is an electrification and charging solution brand from energy major BP.

Iberdrola and BP pulse have formally launched their fast and ultrafast charging JV in Spain and Portugal following the receipt of regulatory authorisations.

The new JV company aims to deploy 5,000 charge points by 2025 and 11,700 by 2030. It will start operations with more than 300 operational fast and ultra-fast electric vehicle (EV) charge points.

With independent headquarters in Madrid and Oporto, the new company will be led by Pablo Pirles from Iberdrola as CEO while Elena Melia from BP will be the chief financial officer.

The JV will bring together the strengths and resources of Iberdrola and BP pulse to deliver first-class public charging experiences to EV drivers in Spain and Portugal.

It will also help to expedite the transition to more sustainable transportation.

Pirles said: “Through this alliance we seek to make ultra-fast public charging accessible to all citizens, since the high speed of our network allows us to obtain autonomy for up to 200 kilometres in just a few minutes of charging.

“Our goal is to promote the definitive take-off in the use of electric vehicles, and, in addition, we do so with 100% renewable energy through use of guarantee or origin certificates, contributing to accelerating the energy transition.”

Earlier this year, BP pulse signed a pan-European frame agreement with UK-based customised parking solutions provider APCOA Parking Group to develop over 100 EV fast charging hubs across Europe.