The European Investment Bank (EIB) agreed to provide €27 million to Spanish-based electric power company, Arteche Group, for the development of new technologies, solutions and products in the electric power sector, the European Commission (EC) said in a statement on Wednesday.
The agreement is supported by the Investment Plan for Europe and was signed in Madrid by EIB Vice-President Emma Navarro and Arteche Group CEO Alexander Artetxe.
The Investment Plan for Europe, known as the "Juncker Plan", is one of the EC's top priorities, focusing on boosting investment to generate jobs and growth by making smarter use of financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects.
The support will help Arteche expand its business by implementing an ambitious innovation program aimed at developing innovative solutions that meet the challenges of transforming the electric power industry. Specifically, the company will develop new electronic solutions geared to digitalizing the power grid and integrating renewable energy generation into the network.
The Research, Development and Innovation (RDI) investments financed by the EIB will be carried out over four years, up to 2023, at Arteche's centers in Bilbao, Vitoria-Gazteiz and Madrid.
"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," European Commissioner for the Economy, Paolo Gentiloni, was quoted as saying.
According to Arteche Group CEO Alexander Artetxe, the electric power sector is in a period of transition.
As the growth in electricity demand, the electrification of the economy, the drive for renewable energy and digitalization are transforming power grids throughout the world, Artetxe said the Group is putting its money on innovation as a key area in meeting the challenges the company faces.
By Ebru Sengul Cevrioglu