Ingeteam gets EUR 55m to boost renewable energy research

Spanish electrical equipment specialist Ingeteam has obtained a EUR-55-million (USD 60.7m) loan from the European Investment Bank (EIB) to boost renewable energy research.

Ingeteam said in a press release it will use the money to strengthen its research, development and innovation into production systems and procedures related to electrical equipment for generating renewable energy through wind turbine generators, PV systems and hydropower and thermal plants.

The aid will also help finance research activities related to electricity distribution systems, industrial process control systems, as well as electric power control equipment for specialist applications in the rail traction, marine and industrial sectors.

All these initiatives will be developed in the course of 2015 at the company's facilities located in the Basque Country, Navarra and Albacete.

Ingeteam specialises in the development of electrical equipment, motors, generators, frequency converters, electrical engineering and generation plants. It is active in wind, solar, both photovoltaic and solar thermal, hydro and biomass energy.

The company recently set up wind power focused subsidiaries in Romania and the Philippines.

(EUR 1 = USD 1.103)

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