Yahoo Finance BP and Iberdrola Join Forces to Expedite Electric Mobility
BP plc BP, a British firm, and Iberdrola IBDRY, a Spanish energy giant, have announced a strategic partnership to create a network of 11,700 fast and ultra-fast EV charging stations across Spain and Portugal. The estimated investment is of 1 billion euros.
Iberdrola, currently carrying a Zacks Rank #4 (Sell), stated in its press release that this strategic partnership is a step toward the eventual formation of a joint venture, subject to the required regulatory approvals anticipated in the second half of 2023.
Ignacio Galan, the president of Iberdrola, expressed that this deal paves way for the electrification of transport, which is key to reducing fossil fuel dependency and boosting energy efficiency. Per the agreement, there will be 5,000 fast charging points by 2025, and nearly 11,700 points by 2030.
With more than 3,500 operational points and many more in the pipeline, Iberdrola dominates the public charging infrastructure in Spain and Portugal, and serves over 100,000 customers. These points rely on renewable energy to help decarbonize mobility.
In this context, BP’s CEO, Bernard Looney, showed immense confidence in the partnership and said that agreements like these can help enable individuals and organizations to decarbonize sooner. He added that by combining the resources and expertise of both the companies, it would be possible to provide lower-carbon mobility solutions to customers at scale.
BP wants to significantly increase its number of electric car charging stations across the world and keep investing in fast and ultra-fast charging infrastructure.The joint venture will use a portion of BP's massive service station network in Spain and Portugal as electric car charging centers. The venture will make the most of both the company's strengths to meet electric vehicle users’ demands.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. MUSA and CVR Energy CVI both sporting a Zacks Rank #1.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
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BP p.l.c. (BP) : Free Stock Analysis Report
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Iberdrola S.A. (IBDRY) : Free Stock Analysis Report
