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.
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.”
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.