EIT InnoEnergy signed a strategic long-term agreement with Banco Santander, provider of renewable energy project finance, to support innovation in green energy across the continent.
The goal of the partnership is to help accelerate the development of the EIT InnoEnergy portfolio of start-ups by encouraging investment, reducing the industry skills gap, and driving the development of creative solutions to support sustainable innovations.
Santander identified six technologies in which it aims to become a world-class advisor and financier to drive the energy transition, including green hydrogen, energy storage, clean fuels and renewable energy. It mobilised 69 billion euros in green assets between 2019 and the first quarter of 2022. EIT Innoenergy has an aggregated need for 160 billion euros in extra financing over the next five years.
“We’ve equipped ourselves to understand the technologies that will help us transition to net zero in order to deliver the advisory and capital markets solutions that energy transition companies need to grow and become industry leaders,” said José M. Linares, senior executive vice-president of Banco Santander and global head of Santander Corporate & Investment Banking. He underlined that they aim to mobilise 220 billion euros in green finance by 2030, which is supported by this partnership as well.
Diego Pavia, CEO of EIT InnoEnergy said that this cooperation is a win-win for all stakeholders. Established in 2010 and supported by the European Institute of Innovation and Technology (EIT, EIT InnoEnergy is the driving force behind three strategic European initiatives which include the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Centre (EGHAC) and the European Solar Initiative (ESI).