Santander and EIT InnoEnergy Collaborate on Energy Transition
Banco Santander, S.A.
Santander, a multinational financial services company, has announced a collaboration with EIT InnoEnergy, a leading innovation engine for sustainable energy, to bring together financial services and innovation and accelerate the energy transition.
The strategic agreement signed between Banco Santander and EIT InnoEnergy will encourage and support innovation in green energy on the continent.
The partnership's goal is to enable the EIT InnoEnergy portfolio of startups to grow faster by stimulating investment, closing the skills gap in the industry, and driving the creation of creative solutions to promote sustainable technologies.
Santander provides all of the financial services that such businesses demand. Green hydrogen, energy storage, clean fuels, and renewable energy are among the six technologies in which the bank hopes to become a world-class advisor and funder to help drive the energy shift.
It has also demonstrated corporate and retail banking capabilities in the industrial and energy sectors, having mobilised €69 billion in green assets between 2019 and the first quarter of 2022.
Over the next five years, the EIT InnoEnergy portfolio of companies, which has three industrial unicorns, will require €160 billion in additional funding. In reality, Santander has already assisted four of EIT InnoEnergy's 300 startups in accelerating their business cases by acquiring key investors and obtaining financial resources for accelerated growth.
José M. Linares, senior executive vice-president of Banco Santander and global head of Santander Corporate & Investment Banking (Santander CIB), said:
“We are delighted to collaborate with EIT InnoEnergy. Supporting innovation is critical if we are to meet our collective net-zero targets, and Santander CIB is committed to playing our part. We’ve equipped ourselves to understand the technologies that will help us transition to net zero to deliver the advisory and capital markets solutions that energy transition companies need to grow and become industry leaders. In addition, we’ve committed to mobilising €220bn in green finance by 2030 and this agreement is another step toward achieving that objective.”
Diego Pavia, CEO of EIT InnoEnergy, said:
“This partnership is a win-win for all stakeholders. In just a few months of working together, the companies in our portfolio have been impressed by the simplicity and speed of execution by Santander, the resources mobilised, their understanding of the energy challenges, and the added value the bank brings beyond financial support. We anticipate this will continue as more of our portfolio experiences working with Santander.”