- The EU bank will finance the innovation investments of the Spanish company working on renewable energy generation, energy storage and electric mobility
- Climate action: the investments will help develop solutions aiming to contribute to the energy transition
The European Investment Bank (EIB) will finance Ingeteam's innovative activities by providing a EUR 70m Innovation Loan under the Investment Plan for Europe. The goal of the agreement signed today in Bilbao is to support Ingeteam's research, development and innovation (RDI) programme focused on developing new solutions to meet the needs of the energy transition. The project, signed today in Bilbao, is backed by the Juncker Plan's European Fund for Strategic Investments (EFSI).
The EU bank financing will enable this Spanish company to become more competitive in the renewable energy applications segment and to internationalise its business, offering state-of-the-art technologies for more sustainable energy generation, transmission, distribution and use. In concrete terms, these RDI investments will help develop new solutions for energy storage, electric mobility, offshore wind power and industry 4.0. All of this will contribute to developing more efficient, less energy-intensive production processes and cutting polluting emissions.
The investments will be implemented from this year up until 2022 at the company's plants in the Basque Country, Navarra and Albacete. Ingeteam will benefit from the favourable conditions of EIB financing in terms of both long maturity periods and interest rates thanks to the Investment Plan for Europe, or Juncker Plan, which enables this EIB to offer increased support for investments fostering innovation, economic growth and jobs. This project will help secure the jobs of the company's almost 4,000 employees.
Speaking about the agreement, EIB Vice-President Emma Navarro, who is responsible for the Bank's activities in Spain, highlighted “the need to support investments in innovation that facilitate the transition to a low-carbon economy to promote climate action and create wealth and jobs. Financing clean projects like this is a great example of the EIB's priorities and is another step forward in the consolidation of its role as the EU's climate bank. To this end we are happy to assist this Spanish company that – thanks to this project – will be able to become more competitive and help lead the European technology industry sustainably.”
Miguel Arias Cañete, European Commissioner responsible for Climate Action and Energy, said: “We need companies like Ingeteam to keep developing new ways to help industry meet our climate objectives. I am proud that a Spanish company is at the forefront of this innovative research and development, and that the EU, via the EIB and the Juncker Plan, is providing financial support.”
Financing innovation
An EIB Innovation Loan supports research and innovation (RDI) in EU priority areas to address social and economic challenges of today and tomorrow. EIB financing is supporting investments in RDI that strengthen Europe's long-term competitiveness, promote knowledge diffusion, drive economic growth and create jobs. With an EIB Innovation Loan, companies can benefit from long tenors and flexible conditions matching the longer and uncertain payback periods of RDI. The Innovation Loan is subject to a technical viability and quality assessment by the Bank’s Projects department, which has years of broad expertise in assessing RDI programmes across a multitude of sectors and company sizes, in the EU and worldwide.
The EIB and climate action
The EIB is among the multilateral institutions providing the most finance for climate action worldwide. The Bank's goal is to be a leader in mobilising the finance needed to keep global warming to under 2 ˚C and limit temperature rises to 1.5 ˚C to meet the Paris Agreement objectives. At September's Climate Action Summit in New York, the EIB Group announced that it intends to expand its climate action, gradually increasing the financing it dedicates to climate and environmental objectives to 50% of its activity by 2025 and mobilising up to EUR 1tn by 2030 to support investments helping to achieve these goals. It also announced its intention to align all EIB Group activities with the Paris Agreement.
About Ingeteam group
Ingeteam is an international group specialising in power and control electronics (inverters, frequency converters, controllers and protection) and electrical engineering and automation projects. Its range of products includes generators, electric motors, and Indar submersible motors and pumps. The Group completes its products and systems portfolio with operation and maintenance services.
Ingeteam develops its products for the following sectors: wind, photovoltaic, hydro and fossil fuel power generation; metal processing; marine; rail traction; and power grids, including substations covering transport and distribution. It always strives for more efficient energy generation and use. The company operates throughout the world, and is permanently based in 22 countries, employing 3 900 people. R&D is the backbone of its business activity, in which 5.5% of its turnover is invested annually.
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