IN BRIEF: €211 million reallocated to BP, Iberdrola hydrogen venture
Iberdrola SA - Bilbao, Spain-based electric utility company and BP PLC - London-based oil major - Receive approval from the Spanish Ministry for the Ecological Transition and the Demographic Challenge for the reallocation to Castellon of up to €211 million in funding from EU’s IPCEI Hy2USE programme. ‘This will enable both companies to explore new opportunities to increase green hydrogen production at bp’s refinery in Castellon,’ Iberdrola says. The joint programme is receiving an additional €15 million in funding from the NextGenerationEU fund, and is expected to begin green hydrogen production before the end of 2026. The project is set to become Spain’s largest green hydrogen plant.
‘The initiative forms part of the alliance between Iberdrola and BP to promote new energy solutions that help replace the use of natural gas with domestically produced renewable energy in industrial processes. In addition, the green hydrogen produced could be allocated to sectors that are difficult to decarbonise, such as the ceramics and chemicals industries, strengthening the role of this technology in the energy transition,’ Iberdrola adds.
Current Iberdrola stock price: EUR 21.46, closed up 1.5% in Madrid on Thursday
12-month change: up 31%
Current BP stock price: 476.05 pence, closed down 0.8% in London
12-month change: up 31%
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