Companies - 04/23/2012

Spain will lead the implementation of renewable energy in the EU

KIC InnoEnergy and the European Institute of Innovation and Technology (EIT) signed today at Gas Natural Fenosa headquarters a commitment agreement to keep implementing education initiatives, technological innovation and enterprise development during 2012, with the main goal of promoting the development of renewable energies within the European Union. Specifically, Spain will be the leading country in renewable energy projects and sustainable energy in industrial buildings.

The agreement provides a total investment of 155 million Euros, of which 32 million will be provided by the EIT and 122 million by KIC InnoEnergy Consortium, formed by companies from the energy industrial value chain, research centers, universities and business schools.

According to Diego Pavia, CEO of KIC InnoEnergy, "the innovation and business creation model, based on the 'knowledge triangle' (where companies, research centers and universities work together) is one of the cornerstones in the new economical sustainability model".

In this sense, the agreement will achieve tangible results (newly formed companies, new patents and services, new typology of engineers) that impact both in the creaton of new jobs, business growth and bigger competitiveness between companies.

The objectives for 2012 are the incubation of 82 start-ups, the creation of 27 new patents and the development and launch of 56 new products and services in the renewable energies sector, as well as the training of 450 new engineers and postgraduates.

Reducing energy bills in Europe

Today, 27% of the cost of a product or service is energy. Reducing energy costs by 1% would save around 20,000 million Euros per year in Europe. Think about the impact on competitiveness in Europe!

In this line, the agreement between KIC InnoEnergy and EIT aims to lay the foundations for a new and more efficient way to manage energy sources and energy supply in the EU that would allow greater autonomy, safety and competitiveness in the global economy.

Therefore, there are three fundamental objectives of this plan: cost reduction, increase of operationality and decrease of greenhouse gas effects at all stages of production, transportation, storage, distribution and energy consumption.