Repsol allies with Suma Capital, the leading ESG and impact investment manager in Spain, to create the SC Net Zero Tech Ventures fund, to invest in companies developing promising technologies in decarbonization and circular economy with the ambition of accelerating their application on an industrial scale, said the company.
Repsol will contribute EUR50 million to this fund, which will bring in new investors, and up to total capital of EUR150 million. The fund will have clear sustainability objectives and promote the double transition, digital and green, in the important challenge of the fight against climate change where new technologies will play a key role.
Also, Repsol Corporate Venturing, the multi-energy company's vehicle for investing in technology startups, created in 2016, now ends one stage, and will be renamed Repsol Deep Tech for the next stage. It will be exclusively owned by the company and endowed with EUR50 million to make minority investments in startups that are in the early stages of developing technologies for decarbonization.
Through these two new funds, which complement each other, Repsol creates a new model of open innovation and collaboration with the entrepreneurial ecosystem. The objective is to diversify its venture capital investment strategy and combine its internal capabilities in innovation and proprietary technology development with participation in technology startups. The strategic objectives of these funds support the company's goal of achieving net zero emissions by 2050, identifying new opportunities and technologies that will contribute to the achievement of its decarbonization objectives.
As per MRC, Repsol will build a new plant in Tarragona, with an investment of over EUR35 M for the manufacture of Cross-linkable Polyethylene (XLPE), a polymer used in cable insulation, located between the conductor and the outer protective layers. The plant will have an annual capacity of 27 kt and is scheduled to start in mid-2024. The LSHC (Linear Short Hyperclean) new technology selected for the plant, from Buss AG, will provide a product with very competitive properties, enabling Repsol to complete its product range for cables by incorporating materials for HV (high voltage) and EHV (extra-high voltage) cables.
mrchub.com