Repsol, a global multi-energy company, has agreed on a partnership with EIT InnoEnergy, Europe’s sustainable energy innovation engine, through its strategic investment fund. The collaboration will fast-track the adoption of innovative technologies and business models into Repsol to reinforce its commitment to the energy transition.

Through the alliance, Repsol will gain access to InnoEnergy’s innovation ecosystem of more than 290 start-ups and 430 project partners across Europe. This includes organisations in various fields of sustainable energy including renewables, smart cities, mobility, circular economy, energy efficiency and storage. This will provide Repsol with opportunities to invest in new ideas and create commercial opportunities for new solutions. InnoEnergy’s network represents the very best of Europe’s energy industry, research experts and higher education institutions.

Jaime Martín, Technology and Corporate Venturing Corporate Director at Repsol, said: “Our ethos mirrors that of InnoEnergy’s from reducing emissions to focusing on the human side of the energy transition, which is why this partnership made complete sense. As part of our updated strategic plan for 2020, one of our pillars is about the development of new businesses linked to the energy transition. By forming this alliance with InnoEnergy, we can work towards that goal through its innovation ecosystem to reduce our carbon footprint and build new capabilities.”

Via the partnership, Repsol will reinforce its Corporate Venturing Model, which has an allocation of €85 million for the 2016-2020 period.  The Corporate Venturing Model is Repsol’s open innovation strategy geared to complement the company’s internal capabilities in R&D.

Mikel Lasa, Iberia CEO at InnoEnergy, added: “Transitioning to a sustainable energy sector is one of the biggest challenges facing Europe today, and no one company can do it alone. Our role is to provide the right ecosystem to forward-thinking companies so that they can meet the right people, connect with the right partners and harness the right skills to accelerate their company’s position. The energy transition is a marathon, not a sprint, and we’re the coach right beside companies of all shapes and sizes – advising and guiding them to have the biggest impact.”