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The European Investment Bank (EIB) is providing Spanish energy technology firm Arteche Group with 27 million to develop innovative energy solutions that would accelerate the energy transition.

Arteche Group says it will leverage the funding to develop new technologies, solutions, and products as well as to expand its footprint outside Spain.

The technology firm is partnering with 15 universities, labs and technology centres across Spain.

The funding is supported by EIB’s Investment Plan for Europe as part of efforts to increase investments in R&D of new energy technologies, climate action and job creation.

The capital will be used through 2023 to develop new mechanisms including digital reclosers, transformers and relays to further digitise the grid and ensure more renewable capacity is integrated with 800KV main grids.

The aim is to boost efficiency, reliability and sustainability.

EIB Vice-President Emma Navarro, who is responsible for the Bank’s operations in Spain, said: “Supporting innovation and digitalisation is key to the transition to a new low-carbon economic model. As Europe’s climate bank, we are working to ensure that our companies have the necessary resources to invest in RDI strategies that foster this transformation while enhancing the productivity of our economies and boosting wealth and job creation.  We are therefore delighted to lend our support to a Spanish company that will be able use this backing to strengthen its competitiveness and contribute to Europe’s leadership in the electric power sector”.

Paolo Gentiloni, European Commissioner for the Economy, said: “The electric power industry has a crucial role to play in the green transition, and that demands innovative solutions. That’s why the European Union is supporting Arteche in its efforts to develop safer, more efficient electrical systems. This investment will also help to create high-quality jobs in Spain”.

“The electric power sector is in a period of transition, and in the Arteche Group we are putting our money on innovation as one of the keys to meeting the challenges facing us”, said Arteche Group CEO Alexander Artetxe. “The growth in electricity demand, the electrification of the economy, the drive for renewable energy and digitalisation are transforming power grids throughout the world. This is a time of great opportunities, and to take advantage of them we are dedicating major efforts to a range of R&D projects that we are not tackling alone”.

Artache is currently present in 13 countries and operates in 150 economies.