EIB doubles research funding for electrical equipment innovation

As a 2020 investment into electrical equipment company Arteche comes to a close, the Europe’s Investment Bank (EIB) has announced a new loan agreement with the company, doubling down on its research and innovation expertise.

The EIB and Arteche have signed a loan agreement to finance further research, development and innovation (RDI) into electrical and electronic equipment, including transformers, relays, reclosers and switches, as well as substation automation systems.

The deal sees €29 million ($31.9 million) to the Spanish company, which specialises in the development of solutions and electrical equipment for the energy sector, ensuring electrical network provide end users with efficient, reliable and quality energy.

The loan will also help Arteche to invest in the digitalisation of its processes, production automation and cybersecurity.

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This is the second financing signed by the EIB and Arteche to support the company’s RDI. In 2020, the two announced financing of €27 million ($29.7 million), to be carried out over four years, up to 2023, at the company’s centres in Bilbao, Vitoria-Gazteiz and Madrid.

The financing aimed to help Arteche grow its business and develop new electronic solutions geared to digitalising the power grid and integrating renewable energy generation into the network.

The EIB said in a release that, given Arteche’s role as an equipment provider to the energy sector, the operation also contributes to the REPowerEU’s goal of increasing energy security and reducing EU dependence on fossil fuel imports.

“We are very pleased to be working with Arteche once again to boost research and development for electrical products and solutions that are key to advancing the decarbonisation of the energy sector and the electrification of the economy,” said EIB vice-president Ricardo Mourinho Félix.

“This loan is another example of how the EIB fosters the competitiveness of EU companies while accelerating the energy transition and contributing to the European Union’s strategic autonomy.”

Added Alex Artetxe, president and CEO of Arteche: “Thanks to this new financing from the EIB in the context of the InvestEU programme we will continue to invest resources in the innovation of our solutions to respond to the needs of an increasingly digitalised, flexible and decentralised energy network.”