• Solatom is one of the 12 start-ups selected from the close to 400 projects that participated in the Positive Energy+ initiative, which aims to alleviate the impact of COVID-19
• The start-up raised this funding round in order to expand its product portfolio and embark on international expansion
• After concluding this operation, Enagás and Ship2B will become shareholders of Solatom, while bp reserves the possibility of taking an equity stake in the future
Enagás –through Enagás Emprende– together with bp and Ship2B –through investment vehicle Equity4Good, with co-investment from the European Investment Fund– have each acquired a 7% stake in Solatom after the Valencia-based company raised a funding round. Solatom’s activity contributes to decarbonisation and the efficiency of industrial processes, particularly for small and medium enterprises. Following the conclusion of this operation, Enagás and Ship2B became shareholders of Solatom, while bp has reserved the option of taking an equity stake in the company in the future.
Thanks to the financial, technical and industrial support of Enagás, bp and Ship2B, the start-up will be able to expand its product portfolio with the launch of a solar-natural gas hybrid boiler, in addition to pursuing internationalisation in Africa and Latin America.
Solatom is one of the 12 start-ups selected from among the close to 400 proposals that participated in the Positive Energy+ initiative, whose promoters are a number of different energy companies, aimed at offering effective responses through innovation to help alleviate the impact of COVID-19. This start-up’s activity is focused on providing a sustainable and economic alternative to the fossil fuel-fired boilers currently in use in factories. Their boilers are modular, transportable and economical, making them affordable and quick to amortise for small and medium enterprises that want to reduce their emissions and play their part in the decarbonisation process.
According to Marcelino Oreja, the CEO of Enagás, “The successful conclusion of this operation is a new example of Enagás commitment to entrepreneurship and open innovation to bring about energy transition in a fast and innovative way.” Marcelino Oreja also said, “This operation is the result of the success of a unique and unprecedented initiative in the sector, such as the urgent call for submissions to the Positive Energy+ initiative launched in April by close to a dozen energy companies to help mitigate the social and economic impact of the pandemic in Spain”.
In the words of Luis Aires, the chairman of bp in Spain, “the speed with which the energy transition takes place depends to a large extent on companies being able to accelerate investment in technological development. The agreement with Solatom is a clear example of bp’s commitment to making it happen”.
Xavier Pont, co-founder of Ship2B, added that “Solatom has a very innovative technology that offers a solution to one of the most important problems we are facing today, which is the high level of pollution produced by fossil fuels in small and medium-sized industries.” Pont also added, “We are very happy to continue supporting Solatom, now as investors, some time after having passed through our S2B Tech4Climate acceleration programme”.
According to Miguel Frasquet, CEO of Solatom, “This investment will allow us to internationally replicate a model that is working very well in Spain. The energy sector is undergoing major changes, and the situation we are experiencing due to COVID-19 has only accelerated them. Initiatives such as Positive Energy+ are key; it has allowed Solatom to achieve something as significant as the support of large energy companies, such as Enagás and bp, and specialised investment funds such as Ship2B, in order to highlight our company’s positive impact”.