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06/06/2011
IBERDROLA ACQUIRES HOLDING IN WESTEC ENVIRONMENTAL SOLUTIONS

  • Via the Perseo Fund IBERDROLA has acquired a 20% holding in the company
  • The work of Westec, which won the first edition of the Perseo awards, focuses on the development of CO2 capture and storage technologies, using equipment which is smaller and cheaper than current systems but equally efficient
  • The operation is in line with Perseo’s aim of promoting new projects and businesses of high technological and innovative value which represent a significant advance in economic, environmental and social terms, compared to existing solutions

Through the Perseo Fund(*), IBERDROLA has acquired a 20% holding inWestec Environmental Solutions (WES), an American company focusing on the development of CO2 capture and storage technologies.

The operation took place after the presentation of the first Perseo Award for technological innovation, which WES won for its CO2 absorption technology, using equipment which is smaller and cheaper than current systems but equally efficient.

This technology, recognised in the award from IBERDROLA, can be applied to all industrial processes in which a large volume of gas or liquid needs to be transferred by means of absorption, and has been designed to optimise the transfer of gases and liquids in a wide range of sectors and applications.

The company’s purchase of a holding in WES is in line with Perseo’s aim of promoting new projects and businesses of high technological and innovative value which represent a significant advance in economic, environmental and social terms, compared to existing solutions.

According to Agustín Delgado, IBERDROLA’s Head of Innovation, Quality and Environment, operations like this “ensure access to new generation technologies and allow us to remain at the cutting edge in world innovation, where we are today, thanks to the substantial amount we invest in this area: €130 million in 2010”.

Pedro Velasco, head of the company’s Non-energy Business, pointed out that by means of investments made through Perseo “we are not just trying to obtain profits and a good rate of return but also acquire technology which IBERDROLA itself may use in the future”.

Success of the Perseo Awards for technological innovation

The Perseo Fund seeks to identify cutting-edge projects that respond to the challenges of the energy sector and to this end it organises the Perseo Awards each year. The winning companies can obtain financial support for their projects from the IBERDROLA Group, through the fund acquiring a stake in these companies, in which it could invest up to €4 million.

After the success of the first Perseo Awards, the company is organising the second edition, establishing two main categories, in which firms from Spain and abroad can compete. The first is for innovative technologies dealing with biomass and the second for new energy efficiency products.

Companies interested in participating in the second Perseo Awards for Technological Innovation can submit applications until 15 June via this corporate website, where full details of the scheme can be found.

Once again the Perseo Fund Investment Committee, with the assistance of outside experts, will select the winners, considering the candidates’ profiles and experience, carrying out a scientific assessment of the project from the viewpoint of innovation, and analysing its economic, environmental and social viability. 

IBERDROLA will announce the names of the winners on its website three months after the close of the application period.

(*) Perseo is an IBERDROLA development capital initiative dedicated to investment in innovative technology for renewable power generation and reducing the environmental impact of existing power generation systems. To this end, Perseo has an annual budget of €6 million, which is used to guarantee IBERDROLA's participation in the technologies of the future.
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