IT InnoEnergy has said that it will invest 12 million euros in energy innovation projects, mainly in the areas of renewable energy, mobility, storage, energy efficiency and hydrogen, during the second half of the year, in Portugal and Spain.
In a press release on Thursday, EIT InnoEnergy Iberia said that, besides the investment of 12 million euros in innovative projects in the energy sector, it will also create an investment fund of 25 million euros to invest in start-up linked to the energy transition.
The company, which is part of the European Institute of Innovation and Technology (EIT), has announced returns on previous investments and management activities in the Iberian Peninsula of 3.5 million euros in 2019, a figure it expects to exceed this year despite the impact of Covid-19 on its activities.
In 2019, the company’s portfolio exceeded for the first time the number of 50 start-ups in Spain and Portugal, which generated revenues of more than 24 million euros and raised 15 million euros of funding from public and private funds, generating more than 150 new jobs.
EIT InnoEnergy has been managing and investing its funds and those of the European Institute of Innovation and Technology for almost a decade to accelerate and grow start-up exclusively in the field of the energy transition.
In Portugal, EIT InnoEnergy supports 17 start-ups, with some of them having a turnover of over 1 million euros.