en.Wedoany.com Reported - The European Investment Bank (EIB) has signed a €75 million loan agreement with Ingeteam to support the latter's research and development in renewable energy and electrification technologies in Spain.
The EIB stated that this financing, supported by the InvestEU programme, will drive Ingeteam's innovation in areas such as photovoltaic inverters, energy storage, grid cybersecurity, and transport electrification. Ingeteam added that the funds will support the work of its research centres in the Basque Country and Navarre, aiming to achieve progress in grid integration, power electronics, and digitalisation.
The company operates in 15 countries and is one of Europe's top ten photovoltaic inverter manufacturers. This investment aims to strengthen the power supply chain and improve the efficiency of energy production, storage, transmission, and consumption.
Nadia Calviño, President of the EIB Group, stated that this investment is crucial for Europe's energy autonomy, helping to reduce dependence on non-European renewable energy technology suppliers while enhancing grid security. Pilar Solano, Head of the EIB's EU Corporate Lending Department, noted that accelerating the energy transition and improving the competitiveness of Europe's industrial sector are two sides of the same coin, and the partnership with Ingeteam allows Europe to make progress on two key objectives for strengthening strategic autonomy.
Teresa Madariaga, President of Ingeteam, stated that the company is improving the efficiency, stability, and reliability of power systems throughout their entire lifecycle through its technologies in rotating machines, power electronics, control and automation, and digital intelligence. She believes that the partnership with the EIB strengthens the company's long-term commitment to innovation, enabling it to continue investing in the R&D of advanced solutions that drive clean energy integration, energy security, and the creation of more sustainable models.
This loan is part of the EIB Group's TechEU programme, which aims to mobilise €250 billion in investments for innovative companies across Europe by 2027.
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