Ormazabal signs a €40 M loan for R&D activities in Spain
The European Investment Bank has signed a €40 M loan with Ormazabal to help develop the company’s investment plan for R&D activities in Spain.
Image source: Ormazabal
Spain, Vizcaya: The European Investment Bank (EIB) has signed a €40 M loan with Ormazabal to help develop the company’s investment plan for R&D activities in Spain.
The agreement is supported by InvestEU, which provides an EU budgetary guarantee to implementing partners to increase their risk-taking capacity and therefore contributes to mobilising public and private investment for the EU’s policy priorities.
Based in the Zamudio Technology Park (Vizcaya, Basque Country) and present in more than 50 countries, Ormazabal is one of the leading technologic solutions and equipment provider for the electricity distribution sector.
The EIB’s support to Ormazabal’s R&D project will have a positive environmental impact, helping to achieve EU’s energy system decarbonisation targets. The EIB will finance R&D activities aiming at enabling electricity distribution networks to adapt to an appropriate renewable energy mix, as well as to electrify mobility. The investments will enable the company to develop new strategic products with the purpose of meeting new requirements linked to the integration of renewable energy into the grid and to accommodate upcoming regulatory changes designed to reduce greenhouse gas emissions.
“This operation with Ormazabal demonstrates the EIB’s strong commitment to investment in innovation and digitalisation, as well as to environmental sustainability. We are pleased to be backing this innovative company’s R&D activities in Spain to improve the efficiency of electricity grids and better integrate renewable energy — the solution for a secure energy supply and the decarbonisation of EU economies,” highlighted EIB Vice-President Ricardo Mourinho Félix.
Source: Ormazabal
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