The European Investment Bank (EIB) and Ingeteam have signed a €75 million loan agreement to fund research, development and innovation in renewable energy and electrification technologies. Ingeteam, based in Zamudio, Spain, counts itself among the ten largest manufacturers of photovoltaic inverters in Europe. The agreement marks the fifth financing deal between the two partners and is backed by the EU's InvestEU programme.
Investments in the Basque Country and Navarre
Ingeteam will deploy the funds across its research and development centres in the Basque Country and Navarre. The work spans grid integration of renewable energy, the development of power electronics including inverters and converters, and energy storage systems.
EU clamps down on PV funding linked to Chinese inverters
The scope also extends to grid digitalisation and cybersecurity, and the electrification of transport. The EIB says the work on photovoltaic inverters is aimed at reducing European dependence on non-European suppliers in the solar sector, while producing equipment that ensures cybersecurity, data integrity and grid stability.
Part of the TechEU initiative
Nadia Calviño, President of the EIB Group, described the investment as critical to Europe's energy autonomy. "It will allow us to reduce dependence on non-European suppliers of renewable energy technologies while strengthening the security of power grids," she said.
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The loan forms part of the EIB Group's TechEU initiative, which aims to mobilise €250 billion in investment for innovative European companies by 2027. Ingeteam says it employs more than 4,000 people across 15 countries and has been active in electrical energy conversion for 85 years. (nhp)
