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June 8, 2020

Spanish Covid-19 recovery investment scheme funds 12 energy start-ups

Several energy companies have announced they will assist and invest in a scheme to develop smaller companies assisting in Spain’s Covid-19 recovery.

By Matt Farmer

Several energy companies have announced they will assist and invest in a scheme to develop smaller companies assisting in Spain’s Covid-19 recovery.

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The Positive Energy+ investment scheme has taken 396 proposals over 13 days. The promoters of the programme have chosen 12 businesses they believe will have a large impact on the country’s decarbonisation, digitalisation and mobility, while also considering their social impact.

The investors include a subsidiary of Spanish energy giant Iberdrola, which has said it will contribute $4.73m (€4.19m). Training and investment company EIT Innoenergy has also invested in the scheme, alongside energy product and service supplier Disa. Spanish infrastructure e conglomerate Acciona has also invested, through their innovation arm I’mnovation.

The twelve selected smaller companies will each receive up to €3m (£2.6m) in funding. They will also get support for finance, ordering, training and testing to help develop their products. The companies cover several areas of sustainable technologies, from training to supply.

The chosen companies include floating wind platform supplier Nautilus Floating Solutions, and Solatom, which makes solar systems generating steam for industry. Other beneficiaries include Hybrid Energy Storage Solutions (known as HESSTEC) and Batterycare.

Software innovations include LightApp, an internet of things management tool, and consumer energy monitoring software developer Voltaware. BeePlanet Factory uses spent car batteries for stationary storage, while Ariema Energía develops hydrogen fuel cells.

Iberdrola said its collaboration agreement would be finalised in June and would continue for 12 months. In a statement, it said: “Given the quality of the proposals received, the promoters will continue to analyse several of the projects not selected for possible support in the future.”

Several oil and gas subsidiaries are also contributing to the Positive Energy+ investment scheme. These include arms of BP and Enagás.

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Navigate your business through the ‘new normal’

COVID-19 continues to dominate headlines the world over. It has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities.  Faced with an explosion of conflicting information on how to plan and implement successful recovery strategies, decision-makers are in dire need of a single, reliable source of intelligence.   GlobalData’s COVID-19 Executive Briefing gives you access to unparalleled data and insights to successfully navigate the uncertain road to recovery across the world’s largest industries. Understand every aspect of this disruptive theme by delving into: 
  •  COVID-19 infection update, with statistics on the spread, testing by country, as well as the latest data on vaccines and therapeutic developments 
  • Economic impact overview, covering stock market indices, GDP, unemployment rates, policy responses & GlobalData’s economic recovery scorecards 
  • Sector developments, with access to sector insight summaries, cross-sector indices and the leaders and laggards in each industry vertical 
Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today. 
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