Spanish multinational financial services company Banco Santander and sustainable energy-focused innovation and investment platform EIT InnoEnergy announced today a new collaboration aimed at accelerating the development of EIT’s portfolio of climate tech and energy transition-focused startups.
Launched in 2010, and supported by the European Institute of Innovation and Technology (EIT), EIT InnoEnergy is one of the largest climate tech and renewable energy tech investors, backing innovations across areas including energy storage, transport and mobility, renewables, and sustainable buildings and cities.
Diego Pavia, CEO of EIT InnoEnergy, said:
“This partnership is a win-win for all stakeholders. In just a few months of working together, the companies in our portfolio have been impressed by the simplicity and speed of execution by Santander, the resources mobilised, their understanding of the energy challenges, and the added value the bank brings beyond financial support. We anticipate this will continue as more of our portfolio experiences working with Santander.”
Under the new innovation and financial services-focused collaboration, the companies stated that they aim to support the development of EIT InnoEnergy’s portfolio companies by “encouraging investment, reducing industry skills gap, and driving the development of solutions to support sustainable innovations.”
Since its inception, EIT InnoEnergy has invested more than €560 million in over 380 companies, and the company anticipates that its portfolio of startups will have an aggregated need for €160bn in extra financing over the next five years.
José M. Linares, Senior Executive Vice-President Banco Santander and global head of Santander Corporate & Investment Banking, said:
“Supporting innovation is critical if we are to meet our collective net zero targets, and Santander CIB is committed to playing our part. We’ve equipped ourselves to understand the technologies that will help us transition to net zero in order to deliver the advisory and capital markets solutions that energy transition companies need to grow and become industry leaders.”