Six selected projects in the third edition of the Entrepreneurs Fund22.07.2014
- In its third edition, the Fundación Repsol Entrepreneurs Fund has selected six innovative energy efficiency projects that are of great interest and as such it will provide them with technical and financial support to help turn them into successful business projects.
- Each of these projects will receive technological, business and legal advising, as well as financial backing of between 6,000 and 12,000 euros per month during the incubation period, which may last up to 24 months.
- Their areas of activity range from energy production and generation to its end use, providing innovative solutions in its safe and efficient application.
- As with last year, this edition has extended the presentation of proposals to the “ideas” category. These less-developed ideas will be given help to carry out the concept test before taking the leap to business project.
- The four ideas selected will receive the necessary business and technological guidance and financial support of 2,000 euros per month during the year, so that they may progress to become business projects.
- Between projects and ideas, a total of 746 applications have been received in this third edition, 55% more than last year, with 95% coming from Spain.
- The jury highlighted the high level of innovation of the nineteen finalist proposals (twelve projects and seven ideas) and their potential to become businesses, creating technological solutions capable of contributing to business development and the creation of employment in the energy sphere.
Fundación Repsol unveiled the six projects selected in the third call of the Fundación Repsol Entrepreneurs Fund, aimed at supporting the best business projects that provide energy efficiency solutions throughout the energy value chain: search, production, transport, transformation, storage and end use.
These six projects will now start a business incubation process, during which for a maximum of 24 months the Fund will provide each project with technological, business and legal advice, coordinated by a team of expert advisers, as well as financial support of between €6,000 and €12,000 per month per project. This will enable them to develop their business projects, adapting them to the needs of the market in order to make their companies more attractive to investors.
The process of developing and consolidating these six initiatives will be coordinated by Fundación Repsol and will have the capabilities and infrastructure of the Repsol Technology Centre and other centres of the Group available to perform the necessary tests, as well as those of other institutions with which Fundación Repsol has formal agreements. They may also receive advice from the various operational areas within the Company, as well as the external support needed to enhance their value. They will also be given help in gaining access to the market and the necessary business contacts to help them progress to the marketing stage.
In addition to these six projects, the Entrepreneurs Fund has decided to advise on four of the proposals presented as “ideas” and support them with a financial backing of €2,000 per month for 12 months, so that they may reach the technological maturity necessary to be presented as projects at future editions of the Fund. In fact, two of the projects selected by the jury in this third edition were ideas last year, and following a year of support and guidance, they were successfully presented to the Entrepreneurs Fund as projects and selected.
In consideration of the technological, disruptive innovation that characterise the five projects selected, the jury decided to include a sixth which, due to its newness and originality in the framework of the use and application of the concept, deserved to be considered for incubation in the Fundación Repsol Entrepreneurs Fund.
In its decision, the jury emphasised the high quality and level of innovation of the finalist ideas and projects and, above all, their outstanding contribution to energy efficiency and its production and responsible use.
The jury also wished to highlight the excellent work done by the team of internal and external evaluators, committed to the objective of sifting through so much talent to find the proposals which, with the aid of the Fundación Repsol Entrepreneurs Fund, are best adapted to culminating their process of incubation with a consolidated business project that can attract investment, create employment and generate economic activity in the field of energy efficiency.
The selected projects aim to achieve greater energy efficiency in various areas of activity, from energy production and generation through to its distribution and end use. They are as follows:
- Biogas plus. Augmented production of biomethane with iron nanoparticles from organic waste. Entrepreneur: AppliedNanoparticules.
- BioH2.Production of biohydrogen from organic waste using a bacterial consortium. Entrepreneur: Mygen.
- 45% Solar Electricity. Photovoltaic module for ultra-efficient energy concentration. Entrepreneur: LPI Solar.
- Galoper. Energy generator powered by sea and river currents. Entrepreneur: Galoper/HEED.
- Hawk. New supplementary oil leak-proof safety system for offshore wells. Entrepreneur: F. Rojas and A. Slocum.
- Plactherm. High-efficiency underfloor heating with smart control by sections. Entrepreneur: L.l. Martí.
Ideas selected for maturation
In addition to the six projects selected for incubation, the jury of the Entrepreneurs Fund has decided to support the following ideas for one year with €2,000 per month for their technical maturation:
- DT Bio. Obtaining of isoprene-producing microalgal strains.
- Energy Harvesting. Generation of electrical energy from residual heat sources using heat-generating cells with integrated electronic control.
- Evolgene. Resurrection of ultra-efficient paleo enzymes (resistant to extreme pH and temperatures) for the production of biofuels.
- Solar Salts. Optimisation of the saline systems of concentrating solar power plants to increase their efficiency.
Success of the third edition
746 projects have been received in this third edition, of which 95% come from Spain, with proposals received from all the Autonomous Regions. As regards the rest of the proposals, most come from Latin America, with others from Europe and the US.
The typology of the proposals has been highly varied, from all energy spheres: prospecting, production, generation, transport and distribution and end use. The most numerous proposals have been those related to renewable energies, with over 40% of the total.
About Fundación Repsol's Entrepreneurs Fund
Fundación Repsol's Entrepreneurs Fund is Spain's first private fund operating in the field of energy efficiency. It was set up in 2011 to attract talent and help innovative companies to deliver greater sustainability in the search for the production and efficient use of energy.
This initiative by the Fundación Repsol is part of Repsol's strategy to encourage the development of innovative projects in the energy sphere, as part of its commitment to improving the sustainability of today's energy models.
Repsol wants the business projects developed under the auspices of the Fundación Repsol Entrepreneurs Fund to generate economic activity, contribute value, create jobs in Spain and improve the competitiveness and sustainability of the Spanish economy.
Following the first two calls, there are now fifteen incubated projects.