- Financing will provide a boost to the Spanish company’s research, development and innovation activities.
- Ingeteam will use the loan to develop solutions to face challenges like the implications of integrating renewable energies into the power grid.
- Agreement is backed by the InvestEU programme.
The European Investment Bank (EIB) and Ingeteam have signed a €46 million loan for a two-year investment plan covering the research, development and innovation (RDI) activities of the Spanish company specialised in electrical engineering and the development of electrical equipment, motors, generators and converters.
The InvestEU-backed EIB loan will support research into developing new solutions enabling Ingeteam to address the challenges of integrating renewable energies into the power grid, energy storage, electrical mobility and distributed energy generation.
The activities included in the RDI strategy of the company (which has plants in the Basque Country and Navarra) are focused on maturing technologies and developing new products in various fields such as rotary machines, low and medium-voltage power electronics and control electronics. Ingeteam’s plans also include investing in research and development on improving the carbon footprint of its equipment and digital integration.
This loan is in line with the EIB’s innovation, digitalisation and human capital public policy goal and its climate action and environmental sustainability cross-cutting objective. Given Ingeteam’s role as an equipment provider to EU energy companies, the operation also contributes to the REPowerEU plan’s goal of increasing energy security and reducing EU dependence on fossil fuel imports.
“We are pleased to once again support Ingeteam by providing an InvestEU-backed loan to strengthen its competitiveness in strategic areas contributing to the energy transition and the European Union’s strategic autonomy,” said EIB Vice-President Ricardo Mourinho Félix. “This operation reinforces our commitment to supporting innovation and the roll-out of cutting-edge technology, while also driving the growth of a Spanish company and safeguarding skilled jobs.”
Ingeteam CEO Adolfo Rebollo added: “Ingeteam has been firmly committed to technology and innovation since the very beginning. That is why it is so important for us to have the EIB’s financial support enabling us to continue investing in research, development and innovation, and helping our clients move towards a sustainable electric future using our power electronics, control electronics and rotary machine technology.”
This is the third finance contract signed by the EIB and Ingeteam. The EU bank previously funded Ingeteam’s RDI investments for various projects under its strategic plans in 2015 and 2019.