ANNOUNCEMENT 12 Nov 2020
On 12 November 2020, the Official Credit Institute of Spain signed a EUR 20 million (approx. USD 23.6 million) loan with Arteche Group to finance the company's innovation and digitalization strategy. A first loan was granted by the EIB in December 2019 (see related state act).
NUMBER OF INTERVENTIONS
Instituto de Crédito Oficial. Official Credit Institute. Notas de Prensa. "El ICO financia con 20 millones de euros el plan de inversiones en I+D+i del Grupo Arteche". 12/11/2020. Available at: https://www.ico.es/web/ico/notas-de-prensa/-/blogs/el-ico-financia-con-20-millones-de-euros-el-plan-de-inversiones-en-i-d-i-del-grupo-arteche?_33_redirect=https%3A%2F%2Fwww.ico.es%2Fweb%2Fico%2Fnotas-de-prensa%3Fp_p_id%3D33%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn-2%26p_p_col_pos%3D1%26p_p_col_count%3D2
On 12 November 2020, the Official Credit Institute of Spain (ICO in Spanish) announced a EUR 20 million (approx. USD 23.6 million) financing agreement with Arteche Group, oriented to finance the company's research, development, and innovation (RDI) activities. In December 2019, the European Investment Bank signed the first loan with Arteche Group for the same purpose (see related state act).
The RDI strategy will be carried out over four years (2020-2023) and it aims to develop electronic solutions for digitalizing the power grid and integrating renewable energy generation. Other horizontal issues will be covered as well, such as the enhancement of design and manufacture (lean production principles and quality and efficiency) processes.
ICO's press release highlights the positive benefits of the project on climate action since it "will allow the Arteche Group to improve the efficiency and quality of its production processes" as well as it contributes to the development of "new solutions and products for the electricity sector to adapt the electrical infrastructure to facilitate the generation of renewable energy".
Arteche Group is a Spanish company that has over 75 years of experience in the high-tech sector, offering products including a full range of instrument transformers, auxiliary relays, protection, measuring and control equipment, substation automation systems, energy quality, and smart grid solutions. According to the press release, as of 2019 the company had active operations in over 150 countries, a presented a turnover of EUR 300 million.
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