Santander Corporate & Investment Banking (Santander CIB) has announced acquisition of a stake in sustainable energy company EIT InnoEnergy. The acquisition is a part of a EUR 140 million investment having other partners.
InnoEnergy has a portfolio of 200 companies, of which three are unicorns estimated to generate €110 billion in revenue and save 2.1G tonnes of CO2e accumulatively by 2030.
Under Grupo Santanders’s strategy, this acquisition is a means to be at the forefront of sustainable technology renewable energy advisory and financing.
The funds will aid the 200 companies that comprise EIT InnoEnergy’s portfolio, accelerate launches of new start-ups, and expand the company in the US.
Other collaboration by Santander CIB –
- Since collaborating with InnoEnergy in 2022, Santander CIB supported a few of its start-ups.
- Advised France’s battery manufacturer, Verkor, on its partnership with Renault,
- Financed HPS, Germany’s hydrogen power solutions company.
Lucas Arangüena, global head of Green Finance for Grupo Santander and global head of ESG for Santander CIB, said, “As a world leading advisor and financier in Climate Tech, this partnership enables Santander to accelerate and de-risk the development of hundreds of EIT InnoEnergy portfolio companies as we have successfully done in the past, showing Santander’s commitment to contribute to the shift to a low-carbon economy and to achieving the Sustainable Development Goals.”
“Addressing the energy transition, which affects all of our 164 million clients, demands innovation and technology at scale. Building on our successful year-and-a-half strategic partnership, we’re excited to have found a partner in EIT InnoEnergy that is at the cutting edge of technology and innovation, and that has the scale to make a real difference”.
Mikel Lasa, CEO of EIT InnoEnergy Iberia, said, “We’ve hit our investment targets this round. While new strategic partners have come on board, some have reinvested. Between them, we’ve raised enough funds to double our impact.”
“InnoEnergy, its portfolio and its partners are in a unique position to ramp up the energy transition in Europe and, indeed, the world, not to mention reindustrialization in the West. We’re ready for what’s next. We embarked on our mission in 2010 and are making inroads every day”.
