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Iberdrola will invest 40 million euros in innovative startups with its Perseo program

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Iberdrola has promoted a new initiative within its Perseo start-up program, called Perseus Venture Builder, what iinvest 40 million euros in the creation of innovative industrial companies working in new areas of electrification and in sectors with a decarbonisation deficit, such as industry and heavy transport.

The Perseus program, which celebrates a decade of experience, has invested so far 70 million euros in start-ups that develop innovative technologies and business models. Perseo has oriented its actions to the analysis of opportunities d

e business and technological collaboration with start-ups and emerging companies in the world, analyzing 300 companies each year and creating an ecosystem of almost 3,000 entrepreneurial companies. At present, this investment instrument maintains a portfolio of 9 companies.

With the creation of Perseus Venture Builder, Iberdrola increases its ambition – providing a total of 110 million to its entrepreneurship program – and completes its orientation with the creation of electrification support businesses from scratch – in principle it will focus on areas such as the recycling of modules, shovels and batteries – and in sectors of difficult decarbonisation, as is the case of some industrial processes, such as industrial heat production and heavy transport.

“In the last decade we have focused our alliances with start-ups under an open innovation strategy, which has allowed us to identify future trends in our sector early, as well as access disruptive technologies and business models. And the experience and results have been extraordinary. With this new initiative, we complete our approach, promoting the creation and acceleration of the innovative industry and the value chain that will mark the energy development and employment of the future, and turning our knowledge into innovation and technology in key businesses to make effective the electrification of the economy ”, he explains Agustin Delgado, director of innovation, sustainability and quality at Iberdrola.

The short-term goal of the Perseo Venture Builder unit is to development of six or seven lines of action in the next five years, with which it intends to energize industrial centers with high growth potential and also promote economic and social revitalization.

The first project will take place in Iberlyzer, an initiative promoted together with the Basque company Ingeteam, with the aim of making it the first manufacturer of large-scale electrolysers in Spain. The company will begin its operation next year and anticipates supply more than 200 MW of electrolyzers by 2023. This production -which represents more than 50% of the objectives of the installed capacity of electrolyzers in Spain on that date- will be destined to second project of the Iberdrola and Fertiberia alliance, what will produce green hydrogen for the Palos de la Frontera plant in Huelva.

Perseo Venture Builder's activity will be focused on creating innovative companies together with the participation of other technological and industrial groups and also contemplates the public-private collaboration. Its performance will be carried out mainly in Spain, but it does not rule out promoting actions in other markets where Iberdrola operates.

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