Iberdrola tech fund injects first capital in carbon neutral buildings developer

Technology fund Andromeda – launched last May in Spain by Iberdrola, the ICO Next Tech Fund, Nortia Capital and Seaya – has begun to seed with an investment in construction company 011h, which designs and constructs carbon neutral buildings, becoming Andromeda’s first investment.

Founded in late 2020, 011h Construction has – according to Iberdrola – standardised and digitalised the construction process to make it repeatable and scalable, while incorporating sustainable principles and materials and preserving design flexibility.

They aim to enable architects, contractors, developers and investors to design, construct and manage quality buildings faster, more reliably and cost-effectively.

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A few months ago, the company completed a residential building in l’Hospitalet de Llobregat (Barcelona) with which it achieved several milestones.

CO2 emissions in the construction were reduced by more than 90% compared to conventional methods and deadlines were reduced by 35%. 011h is currently in the process of building a block of flats in San Juan de Alicante, Spain.

Andromeda is part of the Government’s Recovery, Transformation and Resilience Plan, which promotes public-private collaboration in innovative digital projects in high-impact technologies and the development of scale-ups that generate quality employment.

The fund, which aims to have a size of €300 million ($298.7 million), is born with public participation of up to €100 million ($99.6 million) through the Next Tech Fund.

In addition to Andromeda, the financing round, with which 011h has raised €25 million ($24.9 million), also involved Swiss venture capital firm Redalpine, France’s Breega and Spain’s Aldea Ventures, among other investors.