The Repsol Foundation presents the five startups that will join its business accelerator11.07.2022
The Repsol Foundation today presented the five startups selected in the eleventh call for submissions to its business accelerator, Entrepreneurs Fund, which have been These projects will receive up to 100,000 euros in financial support for one year, as well as advice from Repsol's team of professional mentors and technology experts with extensive experience and knowledge in both the energy sector and business management. They will also have the opportunity to validate their initiatives in a real environment, through pilot testing at Repsol's facilities and industrial plants, or to carry out concept tests at the Repsol Technology Lab, the technological and innovation center.
The executive managing director of the Repsol Foundation, António Calçada, and the secretary of state for Digitization and Artificial Intelligence of the Spanish Government, Carme Artigas, attended the presentation event for companies incubated in the Entrepreneurs Fund.
In his speech, António Calçada, stressed the need and priority that must be given to science, innovation, digitalization, and technology (not ideology) if we want to achieve the set goals. He argued that "energy transition implies industrial and technological transition, any transition needs time, and that’s why the 2030 Agenda, the new Fit for 55 challenge, and the great challenge of decarbonization by 2050 need pragmatism in terms of strategy, timing, and costs."
Carme Artigas pointed out that "we are building a green and digital Spain with a reconstructive attitude, which needs all out country’s young talent and the strength of innovative entrepreneurship, which is represented here today."
Over 400 startups
The eleventh edition of the Entrepreneurs Fund has generated considerable interest both nationally and internationally, and has received more than 400 high-quality applications from 69 countries. Especially those focused on reducing emissions through carbon capture, use, and storage (CCUS) technologies, the production and use of hydrogen and biofuels; the application of digitization and artificial intelligence to improve industry efficiency; and natural solutions for reducing the carbon footprint.
The five companies to be accelerated by the Entrepreneurs Fund from September are:
- ADVANCED IONICS (Wisconsin, USA): It is focused on manufacturing scalable hydrogen electrolyzers that operate at above ambient temperature to produce low-cost hydrogen using heat from industrial process, in order to reduce carbon emissions for the heavy industry. Its electrolyzers can reduce electricity needs by 50%, opening new doors to decarbonization as well as reducing the high costs associated with green hydrogen.
- GEFOREST (Castilla La Mancha, Spain): It produces digital twins and parameterizes forests using LiDAR (Light Detection and Ranging) technology. LiDAR is an active remote sensor that emits laser signals to calculate distances based on the return signal of the laser pulses emitted by the sensor. Geforest is the first company that has validated LiDAR technology in forests in Spain, with data management, traceability, and parameterization of information through modeling. Using mobile terrestrial LiDAR, a parameterization of each tree and a highly detailed 3D reconstruction of complex forests can be achieved. The data obtained is matched with aerial LiDAR and satellite data, creating a complete Digital Twin of the forest, at a low cost and high quality.
- JUNGLE AI (Lisbon, Portugal): It offers software solutions based on Artificial Intelligence to identify and solve the poor performance of electromechanical assets on wind farms, solar farms, and production lines. They are experts in Machine Learning (ML) and the electromechanical domain. Its unsupervised ML models learn the normal behavior of the asset's sensors based on raw historical data and do not require labeled data to be trained, unlike competitors. Jungle offers two SaaS (Software as a Service) products: Canopy, for asset monitoring and optimization, and Toucan, for renewable asset energy forecasting. Canopy uses machine learning on sensor data to learn the actual behavior of electromechanical assets. This helps reduce downtime and increases overall efficiency and production.
- NUSPEC OIL (York, UK): Development of bio-based renewable oils from a registered, highly thermostable rapeseed oil, based on polymerization processes. Nuspec Oil focuses on providing an alternative that addresses the sustainability and security of mineral-based oil supply, which, together with environmental and regulatory requirements, are forcing a move away from toxic mineral oils. SOLATOM (Valencia, Spain): A sustainable alternative to steam boilers in industrial processes, without producing emissions and at a fixed cost. They develop solar boilers using concentrated Fresnel collectors to produce steam in industrial processes. The boilers are placed alongside conventional boilers in factories, and every kWh of solar steam they produce results in one kWh less of gas. Their modular approach allows them to be competitive in factories, while their competitors focus on large solar plant projects, making them less competitive when it comes to integrating them in industrial processes.
- SOLATOM (Valencia, Spain): A sustainable alternative to steam boilers in industrial processes, without producing emissions and at a fixed cost. They develop solar boilers using concentrated Fresnel collectors to produce steam in industrial processes. The boilers are placed alongside conventional boilers in factories, and every kWh of solar steam they produce results in one kWh less of gas. Their modular approach allows them to be competitive in factories, while their competitors focus on large solar plant projects, making them less competitive when it comes to integrating them in industrial processes.
Over a decade driving the future of energy
The Repsol Foundation has been supporting entrepreneurship focused on new technologies in the energy sector for 11 years and has become a recognized and effective initiative for driving innovative startups in areas related to low-carbon technologies, circular economy, sustainable mobility, or digitalization for the optimization and control of processes in the energy industry.
Over the years, the companies accelerated by the Repsol Foundation have developed more than 850 prototypes, registered nearly 230 patents, and obtained over 175 million euros in public and private funding.
In this latest call for submissions, 420 proposals were received, mainly from Spain, the United States, the United Kingdom, Canada, Nigeria, and Portugal.