This initiative, which is expected to stimulate industrial development in the Basque Country, will involve a joint investment of around E4.5 million with expectations that the device will be built and pass testing in 2009.
Iberdrola will participate in Oceantec through Perseo, its equity investment company. With an annual budget of E6 million, its principal objective is to support high technology projects in renewable energy and the environment.
Perseo will analyze initiatives and companies that are planning new ways of exploiting renewable energy, and of maximizing performance and cost. It will focus among other things on marine energy, where Iberdrola is already active in developing wave energy projects in Santona, Spain, and the Orkneys, Scotland.
Perseo will seek also to identify investment opportunities for Iberdrola in biotechnology that can provide solutions in the context of new fuel sources and CO2 capture. The launch of Perseo seeks to intensify Iberdrola’s role in new technology, with the new strategic plan for 2008-10 assigning E225 million to research and innovation.
