Spain’s Ingeteam Secures R&D Loan from EIB

EIB will finance Ingeteam’s innovative activities by providing a EUR 70 million Innovation Loan under the Investment Plan for Europe.

The European Investment Bank (EIB) will finance the innovative activities at Ingeteam by providing a EUR 70 million Innovation Loan under the Investment Plan for Europe. The goal of the agreement 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 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 that 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.”