Ingeteam Receives 55million from European Investment Bank

Image courtesy of Ingeteam

The bank of the European Union, The (EIB), and Ingeteam, a Spanish technology company focusing on renewable energies, signed on a 55million loan contract earlier this month. The investment will go into research, development and innovation (RDI) developments carried out by Ingeteam. The contract was signed by EIB Vice-President Romn Escolano and Ingeteams CEO Javier Ojeda at the IEB organized event Supporting Innovation in Spain in Bilbao.

Ingeteam RDI Activities

The  loan, the second it has given to Ingeteam, will pay for RDI projects in the field of electrical equipment for renewable energy generation technologies, for example, wind turbine generators, photovoltaic installations and solar thermal and hydroelectric plants.

A portion of the loan will also cover RDI projects in the field of power distribution systems, industrial process control systems and electrical equipment for power control in particular industrial, naval and rail transport applications. The RDI activities will take place at existing facilities in Spain from 2015 to 2018.

EIBs Ongoing Commitment to RDI Projects

The loan demonstrates the EIBs commitment to promoting RDI projects throughout the business cycle, encouraging the competitive development of technological corporations. By investing in RDI, the EIB supports Ingeteams development and safeguards skilled employment.

Ingeteams RDI activities are assisted by InnovFin EU Finance for Innovators, part of a new range of EIB Group products, supported financially by the European Union. The Horizon 2020 Financial Instruments are intended to assist access to finance for innovative corporations.